Correlation Between ConforMIS and Biomerica
Can any of the company-specific risk be diversified away by investing in both ConforMIS and Biomerica 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 ConforMIS and Biomerica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ConforMIS and Biomerica, you can compare the effects of market volatilities on ConforMIS and Biomerica 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 ConforMIS with a short position of Biomerica. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConforMIS and Biomerica.
Diversification Opportunities for ConforMIS and Biomerica
Weak diversification
The 3 months correlation between ConforMIS and Biomerica is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding ConforMIS and Biomerica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biomerica and ConforMIS 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 ConforMIS are associated (or correlated) with Biomerica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biomerica has no effect on the direction of ConforMIS i.e., ConforMIS and Biomerica go up and down completely randomly.
Pair Corralation between ConforMIS and Biomerica
If you would invest 37.00 in Biomerica on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Biomerica or generate 5.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
ConforMIS vs. Biomerica
Performance |
| Timeline |
| ConforMIS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Biomerica |
ConforMIS and Biomerica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ConforMIS and Biomerica
The main advantage of trading using opposite ConforMIS and Biomerica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConforMIS position performs unexpectedly, Biomerica 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 Biomerica will offset losses from the drop in Biomerica's long position.| ConforMIS vs. Bone Biologics Corp | ConforMIS vs. Tivic Health Systems | ConforMIS vs. Bluejay Diagnostics | ConforMIS vs. Vivos Therapeutics |
| Biomerica vs. SurModics | Biomerica vs. Movano Inc | Biomerica vs. Ainos Inc | Biomerica vs. Tivic Health Systems |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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