Correlation Between Bluejay Diagnostics and InspireMD
Can any of the company-specific risk be diversified away by investing in both Bluejay Diagnostics and InspireMD 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 InspireMD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluejay Diagnostics and InspireMD, you can compare the effects of market volatilities on Bluejay Diagnostics and InspireMD 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 InspireMD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluejay Diagnostics and InspireMD.
Diversification Opportunities for Bluejay Diagnostics and InspireMD
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bluejay and InspireMD is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Bluejay Diagnostics and InspireMD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on InspireMD 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 InspireMD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of InspireMD has no effect on the direction of Bluejay Diagnostics i.e., Bluejay Diagnostics and InspireMD go up and down completely randomly.
Pair Corralation between Bluejay Diagnostics and InspireMD
Given the investment horizon of 90 days Bluejay Diagnostics is expected to generate 5.89 times more return on investment than InspireMD. However, Bluejay Diagnostics is 5.89 times more volatile than InspireMD. It trades about 0.09 of its potential returns per unit of risk. InspireMD is currently generating about 0.28 per unit of risk. If you would invest 365.00 in Bluejay Diagnostics on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Bluejay Diagnostics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bluejay Diagnostics vs. InspireMD
Performance |
| Timeline |
| Bluejay Diagnostics |
| InspireMD |
Bluejay Diagnostics and InspireMD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluejay Diagnostics and InspireMD
The main advantage of trading using opposite Bluejay Diagnostics and InspireMD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluejay Diagnostics position performs unexpectedly, InspireMD 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 InspireMD will offset losses from the drop in InspireMD'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 |
| InspireMD vs. Bone Biologics Corp | InspireMD vs. Tivic Health Systems | InspireMD vs. Bluejay Diagnostics | InspireMD 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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