Correlation Between Aziyo Biologics and CONMED
Can any of the company-specific risk be diversified away by investing in both Aziyo Biologics and CONMED 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 CONMED into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aziyo Biologics and CONMED, you can compare the effects of market volatilities on Aziyo Biologics and CONMED 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 CONMED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aziyo Biologics and CONMED.
Diversification Opportunities for Aziyo Biologics and CONMED
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aziyo and CONMED is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Aziyo Biologics and CONMED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONMED 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 CONMED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONMED has no effect on the direction of Aziyo Biologics i.e., Aziyo Biologics and CONMED go up and down completely randomly.
Pair Corralation between Aziyo Biologics and CONMED
If you would invest 6,376 in CONMED on August 28, 2024 and sell it today you would earn a total of 1,378 from holding CONMED or generate 21.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Aziyo Biologics vs. CONMED
Performance |
| Timeline |
| Aziyo Biologics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CONMED |
Aziyo Biologics and CONMED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aziyo Biologics and CONMED
The main advantage of trading using opposite Aziyo Biologics and CONMED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aziyo Biologics position performs unexpectedly, CONMED 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 CONMED will offset losses from the drop in CONMED's long position.| Aziyo Biologics vs. Ainos Inc | Aziyo Biologics vs. SurModics | Aziyo Biologics vs. LENSAR Inc | Aziyo Biologics vs. IRIDEX |
| CONMED vs. Heartbeam | CONMED vs. EUDA Health Holdings | CONMED vs. Nutex Health | CONMED vs. Healthcare Triangle |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |