Correlation Between Apyx Medical and Vivos Therapeutics
Can any of the company-specific risk be diversified away by investing in both Apyx Medical and Vivos Therapeutics 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 Vivos Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apyx Medical and Vivos Therapeutics, you can compare the effects of market volatilities on Apyx Medical and Vivos Therapeutics 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 Vivos Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apyx Medical and Vivos Therapeutics.
Diversification Opportunities for Apyx Medical and Vivos Therapeutics
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apyx and Vivos is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and Vivos Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vivos Therapeutics 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 Vivos Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vivos Therapeutics has no effect on the direction of Apyx Medical i.e., Apyx Medical and Vivos Therapeutics go up and down completely randomly.
Pair Corralation between Apyx Medical and Vivos Therapeutics
Given the investment horizon of 90 days Apyx Medical is expected to generate 0.83 times more return on investment than Vivos Therapeutics. However, Apyx Medical is 1.21 times less risky than Vivos Therapeutics. It trades about 0.0 of its potential returns per unit of risk. Vivos Therapeutics is currently generating about -0.01 per unit of risk. If you would invest 236.00 in Apyx Medical on September 20, 2024 and sell it today you would lose (78.00) from holding Apyx Medical or give up 33.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apyx Medical vs. Vivos Therapeutics
Performance |
| Timeline |
| Apyx Medical |
| Vivos Therapeutics |
Apyx Medical and Vivos Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apyx Medical and Vivos Therapeutics
The main advantage of trading using opposite Apyx Medical and Vivos Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apyx Medical position performs unexpectedly, Vivos Therapeutics 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 Vivos Therapeutics will offset losses from the drop in Vivos Therapeutics' long position.| Apyx Medical vs. Neuropace | Apyx Medical vs. Inogen Inc | Apyx Medical vs. SurModics | Apyx Medical vs. Pulmonx Corp |
| Vivos Therapeutics vs. Avita Medical | Vivos Therapeutics vs. Inogen Inc | Vivos Therapeutics 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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