Correlation Between Heartbeam and Femasys
Can any of the company-specific risk be diversified away by investing in both Heartbeam and Femasys 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 Heartbeam and Femasys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Heartbeam and Femasys, you can compare the effects of market volatilities on Heartbeam and Femasys 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 Heartbeam with a short position of Femasys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heartbeam and Femasys.
Diversification Opportunities for Heartbeam and Femasys
Good diversification
The 3 months correlation between Heartbeam and Femasys is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Heartbeam and Femasys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Femasys and Heartbeam 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 Heartbeam are associated (or correlated) with Femasys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Femasys has no effect on the direction of Heartbeam i.e., Heartbeam and Femasys go up and down completely randomly.
Pair Corralation between Heartbeam and Femasys
Given the investment horizon of 90 days Heartbeam is expected to generate 1.21 times more return on investment than Femasys. However, Heartbeam is 1.21 times more volatile than Femasys. It trades about 0.13 of its potential returns per unit of risk. Femasys is currently generating about -0.18 per unit of risk. If you would invest 244.00 in Heartbeam on August 29, 2024 and sell it today you would earn a total of 36.00 from holding Heartbeam or generate 14.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heartbeam vs. Femasys
Performance |
| Timeline |
| Heartbeam |
| Femasys |
Heartbeam and Femasys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heartbeam and Femasys
The main advantage of trading using opposite Heartbeam and Femasys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heartbeam position performs unexpectedly, Femasys 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 Femasys will offset losses from the drop in Femasys' long position.| Heartbeam vs. FOXO Technologies | Heartbeam vs. EUDA Health Holdings | Heartbeam vs. Nutex Health | Heartbeam vs. Healthcare Triangle |
| Femasys vs. Precision Optics, | Femasys vs. Repro Med Systems | Femasys vs. InfuSystems Holdings | Femasys vs. Utah Medical Products |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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