Correlation Between Boston Scientific and BioSig Technologies,
Can any of the company-specific risk be diversified away by investing in both Boston Scientific and BioSig 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 Boston Scientific and BioSig Technologies, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boston Scientific Corp and BioSig Technologies, Common, you can compare the effects of market volatilities on Boston Scientific and BioSig 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 Boston Scientific with a short position of BioSig Technologies,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Scientific and BioSig Technologies,.
Diversification Opportunities for Boston Scientific and BioSig Technologies,
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Boston and BioSig is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp and BioSig Technologies, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioSig Technologies, and Boston Scientific 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 Boston Scientific Corp are associated (or correlated) with BioSig Technologies,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioSig Technologies, has no effect on the direction of Boston Scientific i.e., Boston Scientific and BioSig Technologies, go up and down completely randomly.
Pair Corralation between Boston Scientific and BioSig Technologies,
Considering the 90-day investment horizon Boston Scientific is expected to generate 3.35 times less return on investment than BioSig Technologies,. But when comparing it to its historical volatility, Boston Scientific Corp is 10.0 times less risky than BioSig Technologies,. It trades about 0.12 of its potential returns per unit of risk. BioSig Technologies, Common is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 482.00 in BioSig Technologies, Common on August 25, 2024 and sell it today you would lose (289.00) from holding BioSig Technologies, Common or give up 59.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Boston Scientific Corp vs. BioSig Technologies, Common
Performance |
| Timeline |
| Boston Scientific Corp |
| BioSig Technologies, |
Boston Scientific and BioSig Technologies, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Scientific and BioSig Technologies,
The main advantage of trading using opposite Boston Scientific and BioSig Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Scientific position performs unexpectedly, BioSig 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 BioSig Technologies, will offset losses from the drop in BioSig Technologies,'s long position.| Boston Scientific vs. Stryker | Boston Scientific vs. Abbott Laboratories | Boston Scientific vs. Medtronic PLC | Boston Scientific vs. DexCom Inc |
| BioSig Technologies, vs. Neuropace | BioSig Technologies, vs. Inogen Inc | BioSig Technologies, vs. SurModics | BioSig Technologies, vs. Pulmonx 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.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Positions Ratings 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 | |
| Transaction History View history of all your transactions and understand their impact on performance |