Correlation Between Bluejay Diagnostics and Inspira Technologies
Can any of the company-specific risk be diversified away by investing in both Bluejay Diagnostics and Inspira Technologies 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 Inspira Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluejay Diagnostics and Inspira Technologies Oxy, you can compare the effects of market volatilities on Bluejay Diagnostics and Inspira Technologies 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 Inspira Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluejay Diagnostics and Inspira Technologies.
Diversification Opportunities for Bluejay Diagnostics and Inspira Technologies
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bluejay and Inspira is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Bluejay Diagnostics and Inspira Technologies Oxy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inspira Technologies Oxy 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 Inspira Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inspira Technologies Oxy has no effect on the direction of Bluejay Diagnostics i.e., Bluejay Diagnostics and Inspira Technologies go up and down completely randomly.
Pair Corralation between Bluejay Diagnostics and Inspira Technologies
Given the investment horizon of 90 days Bluejay Diagnostics is expected to generate 3.21 times more return on investment than Inspira Technologies. However, Bluejay Diagnostics is 3.21 times more volatile than Inspira Technologies Oxy. It trades about 0.01 of its potential returns per unit of risk. Inspira Technologies Oxy is currently generating about -0.02 per unit of risk. If you would invest 810.00 in Bluejay Diagnostics on November 2, 2024 and sell it today you would lose (388.00) from holding Bluejay Diagnostics or give up 47.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bluejay Diagnostics vs. Inspira Technologies Oxy
Performance |
| Timeline |
| Bluejay Diagnostics |
| Inspira Technologies Oxy |
Bluejay Diagnostics and Inspira Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluejay Diagnostics and Inspira Technologies
The main advantage of trading using opposite Bluejay Diagnostics and Inspira Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluejay Diagnostics position performs unexpectedly, Inspira Technologies 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 Inspira Technologies will offset losses from the drop in Inspira Technologies' long position.| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
| Inspira Technologies vs. Bone Biologics Corp | Inspira Technologies vs. NanoVibronix | Inspira Technologies vs. Bluejay Diagnostics | Inspira Technologies vs. Vivos Therapeutics |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |