Correlation Between Asensus Surgical and Vivos Therapeutics
Can any of the company-specific risk be diversified away by investing in both Asensus Surgical 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 Asensus Surgical and Vivos Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asensus Surgical and Vivos Therapeutics, you can compare the effects of market volatilities on Asensus Surgical 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 Asensus Surgical with a short position of Vivos Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asensus Surgical and Vivos Therapeutics.
Diversification Opportunities for Asensus Surgical and Vivos Therapeutics
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asensus and Vivos is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Asensus Surgical and Vivos Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vivos Therapeutics 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 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 Asensus Surgical i.e., Asensus Surgical and Vivos Therapeutics go up and down completely randomly.
Pair Corralation between Asensus Surgical and Vivos Therapeutics
If you would invest 260.00 in Vivos Therapeutics on August 28, 2024 and sell it today you would earn a total of 92.00 from holding Vivos Therapeutics or generate 35.38% 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. Vivos Therapeutics
Performance |
| Timeline |
| Asensus Surgical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Vivos Therapeutics |
Asensus Surgical and Vivos Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asensus Surgical and Vivos Therapeutics
The main advantage of trading using opposite Asensus Surgical and Vivos Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asensus Surgical 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.| Asensus Surgical vs. Senseonics Holdings | Asensus Surgical vs. Bionano Genomics | Asensus Surgical vs. Jaguar Animal Health | Asensus Surgical vs. Foresight Autonomous Holdings |
| Vivos Therapeutics vs. Bone Biologics Corp | Vivos Therapeutics vs. Tivic Health Systems | Vivos Therapeutics vs. Bluejay Diagnostics | Vivos Therapeutics vs. Rapid Micro Biosystems |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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