Correlation Between BOS BETTER and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and Microbot 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 BOS BETTER and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BOS BETTER ONLINE and Microbot Medical, you can compare the effects of market volatilities on BOS BETTER and Microbot 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 BOS BETTER with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and Microbot Medical.
Diversification Opportunities for BOS BETTER and Microbot Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and Microbot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and BOS BETTER 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 BOS BETTER ONLINE are associated (or correlated) with Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of BOS BETTER i.e., BOS BETTER and Microbot Medical go up and down completely randomly.
Pair Corralation between BOS BETTER and Microbot Medical
If you would invest 86.00 in Microbot Medical on August 31, 2024 and sell it today you would earn a total of 5.00 from holding Microbot Medical or generate 5.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. Microbot Medical
Performance |
| Timeline |
| BOS BETTER ONLINE |
| Microbot Medical |
BOS BETTER and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and Microbot Medical
The main advantage of trading using opposite BOS BETTER and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, Microbot 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| BOS BETTER vs. SIVERS SEMICONDUCTORS AB | BOS BETTER vs. Darden Restaurants | BOS BETTER vs. Reliance Steel Aluminum | BOS BETTER vs. Q2M Managementberatung AG |
| Microbot Medical vs. GungHo Online Entertainment | Microbot Medical vs. YATRA ONLINE DL 0001 | Microbot Medical vs. WisdomTree Investments | Microbot Medical vs. SLR Investment Corp |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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