Correlation Between Augmedix and G Medical
Can any of the company-specific risk be diversified away by investing in both Augmedix and G Medical 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 Augmedix and G Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Augmedix and G Medical Innovations, you can compare the effects of market volatilities on Augmedix and G Medical 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 Augmedix with a short position of G Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Augmedix and G Medical.
Diversification Opportunities for Augmedix and G Medical
Pay attention - limited upside
The 3 months correlation between Augmedix and GMVD is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Augmedix and G Medical Innovations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G Medical Innovations and Augmedix 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 Augmedix are associated (or correlated) with G Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G Medical Innovations has no effect on the direction of Augmedix i.e., Augmedix and G Medical go up and down completely randomly.
Pair Corralation between Augmedix and G Medical
If you would invest 92.00 in Augmedix on August 31, 2024 and sell it today you would earn a total of 143.00 from holding Augmedix or generate 155.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 1.16% |
| Values | Daily Returns |
Augmedix vs. G Medical Innovations
Performance |
| Timeline |
| Augmedix |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| G Medical Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Augmedix and G Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Augmedix and G Medical
The main advantage of trading using opposite Augmedix and G Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Augmedix position performs unexpectedly, G Medical 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 G Medical will offset losses from the drop in G Medical's long position.| Augmedix vs. In8bio Inc | Augmedix vs. Dermata Therapeutics | Augmedix vs. Elevation Oncology | Augmedix vs. Aclarion |
| G Medical vs. Innovative Eyewear | G Medical vs. Sharps Technology | G Medical vs. JIN MEDICAL INTERNATIONAL | G Medical vs. Nexgel Inc |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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