Correlation Between Aziyo Biologics and Axogen
Can any of the company-specific risk be diversified away by investing in both Aziyo Biologics and Axogen 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 Aziyo Biologics and Axogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aziyo Biologics and Axogen Inc, you can compare the effects of market volatilities on Aziyo Biologics and Axogen 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 Aziyo Biologics with a short position of Axogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aziyo Biologics and Axogen.
Diversification Opportunities for Aziyo Biologics and Axogen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aziyo and Axogen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aziyo Biologics and Axogen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axogen Inc and Aziyo Biologics 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 Aziyo Biologics are associated (or correlated) with Axogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axogen Inc has no effect on the direction of Aziyo Biologics i.e., Aziyo Biologics and Axogen go up and down completely randomly.
Pair Corralation between Aziyo Biologics and Axogen
If you would invest 924.00 in Axogen Inc on January 14, 2025 and sell it today you would earn a total of 676.00 from holding Axogen Inc or generate 73.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aziyo Biologics vs. Axogen Inc
Performance |
| Timeline |
| Aziyo Biologics |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Axogen Inc |
Aziyo Biologics and Axogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aziyo Biologics and Axogen
The main advantage of trading using opposite Aziyo Biologics and Axogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aziyo Biologics position performs unexpectedly, Axogen 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 Axogen will offset losses from the drop in Axogen's long position.| Aziyo Biologics vs. Ainos Inc | Aziyo Biologics vs. SurModics | Aziyo Biologics vs. LENSAR Inc | Aziyo Biologics vs. IRIDEX |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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