Correlation Between Apyx Medical and Forian
Can any of the company-specific risk be diversified away by investing in both Apyx Medical and Forian at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Apyx Medical and Forian into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apyx Medical and Forian Inc, you can compare the effects of market volatilities on Apyx Medical and Forian and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Apyx Medical with a short position of Forian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apyx Medical and Forian.
Diversification Opportunities for Apyx Medical and Forian
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apyx and Forian is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and Forian Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Forian Inc and Apyx Medical is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Apyx Medical are associated (or correlated) with Forian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Forian Inc has no effect on the direction of Apyx Medical i.e., Apyx Medical and Forian go up and down completely randomly.
Pair Corralation between Apyx Medical and Forian
Given the investment horizon of 90 days Apyx Medical is expected to generate 15.23 times less return on investment than Forian. In addition to that, Apyx Medical is 1.28 times more volatile than Forian Inc. It trades about 0.0 of its total potential returns per unit of risk. Forian Inc is currently generating about 0.01 per unit of volatility. If you would invest 225.00 in Forian Inc on September 16, 2024 and sell it today you would lose (21.00) from holding Forian Inc or give up 9.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apyx Medical vs. Forian Inc
Performance |
| Timeline |
| Apyx Medical |
| Forian Inc |
Apyx Medical and Forian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apyx Medical and Forian
The main advantage of trading using opposite Apyx Medical and Forian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apyx Medical position performs unexpectedly, Forian can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Forian will offset losses from the drop in Forian's long position.| Apyx Medical vs. Neuropace | Apyx Medical vs. Inogen Inc | Apyx Medical vs. SurModics | Apyx Medical vs. Pulmonx Corp |
| Forian vs. Avita Medical | Forian vs. Treace Medical Concepts | Forian vs. Inogen Inc | Forian vs. Apyx Medical |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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