Correlation Between Asensus Surgical and Bluejay Diagnostics
Can any of the company-specific risk be diversified away by investing in both Asensus Surgical and Bluejay Diagnostics 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 Asensus Surgical and Bluejay Diagnostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asensus Surgical and Bluejay Diagnostics, you can compare the effects of market volatilities on Asensus Surgical and Bluejay Diagnostics 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 Asensus Surgical with a short position of Bluejay Diagnostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asensus Surgical and Bluejay Diagnostics.
Diversification Opportunities for Asensus Surgical and Bluejay Diagnostics
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Asensus and Bluejay is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Asensus Surgical and Bluejay Diagnostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bluejay Diagnostics and Asensus Surgical 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 Asensus Surgical are associated (or correlated) with Bluejay Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bluejay Diagnostics has no effect on the direction of Asensus Surgical i.e., Asensus Surgical and Bluejay Diagnostics go up and down completely randomly.
Pair Corralation between Asensus Surgical and Bluejay Diagnostics
If you would invest 0.00 in Asensus Surgical on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Asensus Surgical or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 3.13% |
| Values | Daily Returns |
Asensus Surgical vs. Bluejay Diagnostics
Performance |
| Timeline |
| Asensus Surgical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bluejay Diagnostics |
Asensus Surgical and Bluejay Diagnostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asensus Surgical and Bluejay Diagnostics
The main advantage of trading using opposite Asensus Surgical and Bluejay Diagnostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asensus Surgical position performs unexpectedly, Bluejay Diagnostics 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 Bluejay Diagnostics will offset losses from the drop in Bluejay Diagnostics' long position.| Asensus Surgical vs. Senseonics Holdings | Asensus Surgical vs. Bionano Genomics | Asensus Surgical vs. Jaguar Animal Health | Asensus Surgical vs. Foresight Autonomous Holdings |
| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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