Correlation Between ConforMIS and Globus Medical
Can any of the company-specific risk be diversified away by investing in both ConforMIS and Globus 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 ConforMIS and Globus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ConforMIS and Globus Medical, you can compare the effects of market volatilities on ConforMIS and Globus 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 ConforMIS with a short position of Globus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConforMIS and Globus Medical.
Diversification Opportunities for ConforMIS and Globus Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ConforMIS and Globus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ConforMIS and Globus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Globus Medical 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 Globus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Globus Medical has no effect on the direction of ConforMIS i.e., ConforMIS and Globus Medical go up and down completely randomly.
Pair Corralation between ConforMIS and Globus Medical
If you would invest 8,655 in Globus Medical on November 9, 2024 and sell it today you would earn a total of 140.00 from holding Globus Medical or generate 1.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ConforMIS vs. Globus Medical
Performance |
| Timeline |
| ConforMIS |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Globus Medical |
ConforMIS and Globus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ConforMIS and Globus Medical
The main advantage of trading using opposite ConforMIS and Globus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConforMIS position performs unexpectedly, Globus 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 Globus Medical will offset losses from the drop in Globus Medical's long position.| ConforMIS vs. Bone Biologics Corp | ConforMIS vs. Tivic Health Systems | ConforMIS vs. Bluejay Diagnostics | ConforMIS vs. Vivos Therapeutics |
| Globus Medical vs. Orthofix Medical | Globus Medical vs. CONMED | Globus Medical vs. Alphatec Holdings | Globus Medical vs. LivaNova PLC |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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