Correlation Between Bluejay Diagnostics and Icecure Medical
Can any of the company-specific risk be diversified away by investing in both Bluejay Diagnostics and Icecure 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 Bluejay Diagnostics and Icecure Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluejay Diagnostics and Icecure Medical, you can compare the effects of market volatilities on Bluejay Diagnostics and Icecure 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 Bluejay Diagnostics with a short position of Icecure Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluejay Diagnostics and Icecure Medical.
Diversification Opportunities for Bluejay Diagnostics and Icecure Medical
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bluejay and Icecure is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Bluejay Diagnostics and Icecure Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icecure Medical and Bluejay Diagnostics 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 Bluejay Diagnostics are associated (or correlated) with Icecure Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icecure Medical has no effect on the direction of Bluejay Diagnostics i.e., Bluejay Diagnostics and Icecure Medical go up and down completely randomly.
Pair Corralation between Bluejay Diagnostics and Icecure Medical
Given the investment horizon of 90 days Bluejay Diagnostics is expected to generate 8.67 times less return on investment than Icecure Medical. In addition to that, Bluejay Diagnostics is 2.88 times more volatile than Icecure Medical. It trades about 0.0 of its total potential returns per unit of risk. Icecure Medical is currently generating about 0.12 per unit of volatility. If you would invest 62.00 in Icecure Medical on August 26, 2024 and sell it today you would earn a total of 9.00 from holding Icecure Medical or generate 14.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bluejay Diagnostics vs. Icecure Medical
Performance |
| Timeline |
| Bluejay Diagnostics |
| Icecure Medical |
Bluejay Diagnostics and Icecure Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluejay Diagnostics and Icecure Medical
The main advantage of trading using opposite Bluejay Diagnostics and Icecure Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluejay Diagnostics position performs unexpectedly, Icecure 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 Icecure Medical will offset losses from the drop in Icecure Medical's long position.| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
| Icecure Medical vs. BrainsWay | Icecure Medical vs. SurModics | Icecure Medical vs. STRATA Skin Sciences | Icecure Medical vs. Tenon Medical |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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