Correlation Between Boston Scientific and CG Oncology,
Can any of the company-specific risk be diversified away by investing in both Boston Scientific and CG Oncology, 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 CG Oncology, 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 CG Oncology, Common, you can compare the effects of market volatilities on Boston Scientific and CG Oncology, 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 CG Oncology,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Scientific and CG Oncology,.
Diversification Opportunities for Boston Scientific and CG Oncology,
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boston and CGON is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp and CG Oncology, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CG Oncology, Common 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 CG Oncology,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CG Oncology, Common has no effect on the direction of Boston Scientific i.e., Boston Scientific and CG Oncology, go up and down completely randomly.
Pair Corralation between Boston Scientific and CG Oncology,
Considering the 90-day investment horizon Boston Scientific Corp is expected to generate 0.36 times more return on investment than CG Oncology,. However, Boston Scientific Corp is 2.8 times less risky than CG Oncology,. It trades about 0.18 of its potential returns per unit of risk. CG Oncology, Common is currently generating about 0.0 per unit of risk. If you would invest 8,114 in Boston Scientific Corp on September 3, 2024 and sell it today you would earn a total of 952.00 from holding Boston Scientific Corp or generate 11.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boston Scientific Corp vs. CG Oncology, Common
Performance |
| Timeline |
| Boston Scientific Corp |
| CG Oncology, Common |
Boston Scientific and CG Oncology, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Scientific and CG Oncology,
The main advantage of trading using opposite Boston Scientific and CG Oncology, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Scientific position performs unexpectedly, CG Oncology, 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 CG Oncology, will offset losses from the drop in CG Oncology,'s long position.| Boston Scientific vs. Tandem Diabetes Care | Boston Scientific vs. Inspire Medical Systems | Boston Scientific vs. Penumbra | Boston Scientific vs. Insulet |
| CG Oncology, vs. Paysafe | CG Oncology, vs. Sapiens International | CG Oncology, vs. VirnetX Holding Corp | CG Oncology, vs. Entravision Communications |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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