Correlation Between Bluejay Diagnostics and SurModics
Can any of the company-specific risk be diversified away by investing in both Bluejay Diagnostics and SurModics 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 SurModics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluejay Diagnostics and SurModics, you can compare the effects of market volatilities on Bluejay Diagnostics and SurModics 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 SurModics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluejay Diagnostics and SurModics.
Diversification Opportunities for Bluejay Diagnostics and SurModics
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bluejay and SurModics is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Bluejay Diagnostics and SurModics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SurModics 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 SurModics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SurModics has no effect on the direction of Bluejay Diagnostics i.e., Bluejay Diagnostics and SurModics go up and down completely randomly.
Pair Corralation between Bluejay Diagnostics and SurModics
Given the investment horizon of 90 days Bluejay Diagnostics is expected to under-perform the SurModics. In addition to that, Bluejay Diagnostics is 28.11 times more volatile than SurModics. It trades about -0.01 of its total potential returns per unit of risk. SurModics is currently generating about 0.13 per unit of volatility. If you would invest 3,828 in SurModics on August 24, 2024 and sell it today you would earn a total of 91.00 from holding SurModics or generate 2.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bluejay Diagnostics vs. SurModics
Performance |
| Timeline |
| Bluejay Diagnostics |
| SurModics |
Bluejay Diagnostics and SurModics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluejay Diagnostics and SurModics
The main advantage of trading using opposite Bluejay Diagnostics and SurModics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluejay Diagnostics position performs unexpectedly, SurModics 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 SurModics will offset losses from the drop in SurModics' long position.| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
| SurModics vs. LivaNova PLC | SurModics vs. Electromed | SurModics vs. Orthopediatrics Corp | SurModics vs. Neuropace |
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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