Correlation Between CompuGroup Medical and Surgical Science
Can any of the company-specific risk be diversified away by investing in both CompuGroup Medical and Surgical Science 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 CompuGroup Medical and Surgical Science into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CompuGroup Medical SE and Surgical Science Sweden, you can compare the effects of market volatilities on CompuGroup Medical and Surgical Science 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 CompuGroup Medical with a short position of Surgical Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of CompuGroup Medical and Surgical Science.
Diversification Opportunities for CompuGroup Medical and Surgical Science
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CompuGroup and Surgical is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CompuGroup Medical SE and Surgical Science Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surgical Science Sweden and CompuGroup Medical 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 CompuGroup Medical SE are associated (or correlated) with Surgical Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surgical Science Sweden has no effect on the direction of CompuGroup Medical i.e., CompuGroup Medical and Surgical Science go up and down completely randomly.
Pair Corralation between CompuGroup Medical and Surgical Science
If you would invest 1,175 in Surgical Science Sweden on September 1, 2024 and sell it today you would earn a total of 100.00 from holding Surgical Science Sweden or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
CompuGroup Medical SE vs. Surgical Science Sweden
Performance |
| Timeline |
| CompuGroup Medical |
| Surgical Science Sweden |
CompuGroup Medical and Surgical Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CompuGroup Medical and Surgical Science
The main advantage of trading using opposite CompuGroup Medical and Surgical Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CompuGroup Medical position performs unexpectedly, Surgical Science 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 Surgical Science will offset losses from the drop in Surgical Science's long position.| CompuGroup Medical vs. Legacy Education | CompuGroup Medical vs. Apple Inc | CompuGroup Medical vs. NVIDIA | CompuGroup Medical vs. Microsoft |
| Surgical Science vs. Healthcare Integrated Technologies | Surgical Science vs. CompuGroup Medical SE | Surgical Science vs. Cannabiz Mobile | Surgical Science vs. Accelera Innovations |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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