Correlation Between Boston Scientific and PetVivo Holdings
Can any of the company-specific risk be diversified away by investing in both Boston Scientific and PetVivo Holdings 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 PetVivo Holdings 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 PetVivo Holdings, you can compare the effects of market volatilities on Boston Scientific and PetVivo Holdings 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 PetVivo Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Scientific and PetVivo Holdings.
Diversification Opportunities for Boston Scientific and PetVivo Holdings
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Boston and PetVivo is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp and PetVivo Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetVivo Holdings 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 PetVivo Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetVivo Holdings has no effect on the direction of Boston Scientific i.e., Boston Scientific and PetVivo Holdings go up and down completely randomly.
Pair Corralation between Boston Scientific and PetVivo Holdings
If you would invest 8,476 in Boston Scientific Corp on August 27, 2024 and sell it today you would earn a total of 449.00 from holding Boston Scientific Corp or generate 5.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Boston Scientific Corp vs. PetVivo Holdings
Performance |
| Timeline |
| Boston Scientific Corp |
| PetVivo Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Boston Scientific and PetVivo Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Scientific and PetVivo Holdings
The main advantage of trading using opposite Boston Scientific and PetVivo Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Scientific position performs unexpectedly, PetVivo Holdings 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 PetVivo Holdings will offset losses from the drop in PetVivo Holdings' long position.| Boston Scientific vs. Stryker | Boston Scientific vs. Abbott Laboratories | Boston Scientific vs. Medtronic PLC | Boston Scientific vs. DexCom Inc |
| PetVivo Holdings vs. Ainos Inc | PetVivo Holdings vs. SurModics | PetVivo Holdings vs. LENSAR Inc | PetVivo Holdings vs. IRIDEX |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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