Correlation Between Apyx Medical and Telesis Bio
Can any of the company-specific risk be diversified away by investing in both Apyx Medical and Telesis Bio 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 Telesis Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apyx Medical and Telesis Bio, you can compare the effects of market volatilities on Apyx Medical and Telesis Bio 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 Telesis Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apyx Medical and Telesis Bio.
Diversification Opportunities for Apyx Medical and Telesis Bio
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Apyx and Telesis is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and Telesis Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telesis Bio 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 Telesis Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telesis Bio has no effect on the direction of Apyx Medical i.e., Apyx Medical and Telesis Bio go up and down completely randomly.
Pair Corralation between Apyx Medical and Telesis Bio
Given the investment horizon of 90 days Apyx Medical is expected to generate 0.58 times more return on investment than Telesis Bio. However, Apyx Medical is 1.72 times less risky than Telesis Bio. It trades about 0.02 of its potential returns per unit of risk. Telesis Bio is currently generating about 0.0 per unit of risk. If you would invest 187.00 in Apyx Medical on August 24, 2024 and sell it today you would lose (42.00) from holding Apyx Medical or give up 22.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 92.94% |
| Values | Daily Returns |
Apyx Medical vs. Telesis Bio
Performance |
| Timeline |
| Apyx Medical |
| Telesis Bio |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Apyx Medical and Telesis Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apyx Medical and Telesis Bio
The main advantage of trading using opposite Apyx Medical and Telesis Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apyx Medical position performs unexpectedly, Telesis Bio 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 Telesis Bio will offset losses from the drop in Telesis Bio's long position.| Apyx Medical vs. Neuropace | Apyx Medical vs. Inogen Inc | Apyx Medical vs. SurModics | Apyx Medical vs. Pulmonx Corp |
| Telesis Bio vs. Custom Truck One | Telesis Bio vs. FTAI Aviation Ltd | Telesis Bio vs. Franklin Wireless Corp | Telesis Bio vs. Weyco Group |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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