Correlation Between Cytosorbents Crp and Apyx Medical
Can any of the company-specific risk be diversified away by investing in both Cytosorbents Crp and Apyx 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 Cytosorbents Crp and Apyx Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cytosorbents Crp and Apyx Medical, you can compare the effects of market volatilities on Cytosorbents Crp and Apyx 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 Cytosorbents Crp with a short position of Apyx Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cytosorbents Crp and Apyx Medical.
Diversification Opportunities for Cytosorbents Crp and Apyx Medical
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cytosorbents and Apyx is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Cytosorbents Crp and Apyx Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical and Cytosorbents Crp 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 Cytosorbents Crp are associated (or correlated) with Apyx Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apyx Medical has no effect on the direction of Cytosorbents Crp i.e., Cytosorbents Crp and Apyx Medical go up and down completely randomly.
Pair Corralation between Cytosorbents Crp and Apyx Medical
Given the investment horizon of 90 days Cytosorbents Crp is expected to generate 13.73 times less return on investment than Apyx Medical. In addition to that, Cytosorbents Crp is 1.14 times more volatile than Apyx Medical. It trades about 0.02 of its total potential returns per unit of risk. Apyx Medical is currently generating about 0.24 per unit of volatility. If you would invest 117.00 in Apyx Medical on September 1, 2024 and sell it today you would earn a total of 44.00 from holding Apyx Medical or generate 37.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cytosorbents Crp vs. Apyx Medical
Performance |
| Timeline |
| Cytosorbents Crp |
| Apyx Medical |
Cytosorbents Crp and Apyx Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cytosorbents Crp and Apyx Medical
The main advantage of trading using opposite Cytosorbents Crp and Apyx Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cytosorbents Crp position performs unexpectedly, Apyx 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 Apyx Medical will offset losses from the drop in Apyx Medical's long position.| Cytosorbents Crp vs. LivaNova PLC | Cytosorbents Crp vs. Electromed | Cytosorbents Crp vs. Orthopediatrics Corp | Cytosorbents Crp vs. SurModics |
| Apyx Medical vs. Neuropace | Apyx Medical vs. Inogen Inc | Apyx Medical vs. SurModics | Apyx Medical vs. Pulmonx Corp |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |