Correlation Between Cytosorbents Crp and STRATA Skin
Can any of the company-specific risk be diversified away by investing in both Cytosorbents Crp and STRATA Skin 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 STRATA Skin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cytosorbents Crp and STRATA Skin Sciences, you can compare the effects of market volatilities on Cytosorbents Crp and STRATA Skin 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 STRATA Skin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cytosorbents Crp and STRATA Skin.
Diversification Opportunities for Cytosorbents Crp and STRATA Skin
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cytosorbents and STRATA is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Cytosorbents Crp and STRATA Skin Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STRATA Skin Sciences 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 STRATA Skin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STRATA Skin Sciences has no effect on the direction of Cytosorbents Crp i.e., Cytosorbents Crp and STRATA Skin go up and down completely randomly.
Pair Corralation between Cytosorbents Crp and STRATA Skin
Given the investment horizon of 90 days Cytosorbents Crp is expected to generate 1.33 times more return on investment than STRATA Skin. However, Cytosorbents Crp is 1.33 times more volatile than STRATA Skin Sciences. It trades about 0.04 of its potential returns per unit of risk. STRATA Skin Sciences is currently generating about -0.02 per unit of risk. If you would invest 91.00 in Cytosorbents Crp on September 1, 2024 and sell it today you would earn a total of 6.00 from holding Cytosorbents Crp or generate 6.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cytosorbents Crp vs. STRATA Skin Sciences
Performance |
| Timeline |
| Cytosorbents Crp |
| STRATA Skin Sciences |
Cytosorbents Crp and STRATA Skin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cytosorbents Crp and STRATA Skin
The main advantage of trading using opposite Cytosorbents Crp and STRATA Skin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cytosorbents Crp position performs unexpectedly, STRATA Skin 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 STRATA Skin will offset losses from the drop in STRATA Skin's long position.| Cytosorbents Crp vs. LivaNova PLC | Cytosorbents Crp vs. Electromed | Cytosorbents Crp vs. Orthopediatrics Corp | Cytosorbents Crp vs. SurModics |
| STRATA Skin vs. Axogen Inc | STRATA Skin vs. Ainos Inc | STRATA Skin vs. LENSAR Inc | STRATA Skin vs. Nexalin Technology |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |