Correlation Between Microbot Medical and Gecina SA
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and Gecina SA 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 Microbot Medical and Gecina SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and Gecina SA, you can compare the effects of market volatilities on Microbot Medical and Gecina SA 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 Microbot Medical with a short position of Gecina SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and Gecina SA.
Diversification Opportunities for Microbot Medical and Gecina SA
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Microbot and Gecina is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and Gecina SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gecina SA and Microbot 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 Microbot Medical are associated (or correlated) with Gecina SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gecina SA has no effect on the direction of Microbot Medical i.e., Microbot Medical and Gecina SA go up and down completely randomly.
Pair Corralation between Microbot Medical and Gecina SA
If you would invest 0.00 in Gecina SA on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Gecina SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Microbot Medical vs. Gecina SA
Performance |
| Timeline |
| Microbot Medical |
| Gecina SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Microbot Medical and Gecina SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and Gecina SA
The main advantage of trading using opposite Microbot Medical and Gecina SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, Gecina SA 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 Gecina SA will offset losses from the drop in Gecina SA's long position.| Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc |
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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