Correlation Between ConforMIS and Tela Bio
Can any of the company-specific risk be diversified away by investing in both ConforMIS and Tela Bio 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 Tela Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ConforMIS and Tela Bio, you can compare the effects of market volatilities on ConforMIS and Tela Bio 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 Tela Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConforMIS and Tela Bio.
Diversification Opportunities for ConforMIS and Tela Bio
Poor diversification
The 3 months correlation between ConforMIS and Tela is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding ConforMIS and Tela Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tela Bio 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 Tela Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tela Bio has no effect on the direction of ConforMIS i.e., ConforMIS and Tela Bio go up and down completely randomly.
Pair Corralation between ConforMIS and Tela Bio
If you would invest 223.00 in ConforMIS on September 13, 2024 and sell it today you would earn a total of 0.00 from holding ConforMIS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
ConforMIS vs. Tela Bio
Performance |
| Timeline |
| ConforMIS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Tela Bio |
ConforMIS and Tela Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ConforMIS and Tela Bio
The main advantage of trading using opposite ConforMIS and Tela Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConforMIS position performs unexpectedly, Tela Bio 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 Tela Bio will offset losses from the drop in Tela Bio's long position.| ConforMIS vs. Bone Biologics Corp | ConforMIS vs. Tivic Health Systems | ConforMIS vs. Bluejay Diagnostics | ConforMIS vs. Vivos Therapeutics |
| Tela Bio vs. Sight Sciences | Tela Bio vs. Tactile Systems Technology | Tela Bio vs. Clearpoint Neuro | Tela Bio vs. CVRx Inc |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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