Correlation Between Microbot Medical and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and GALENA MINING 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 GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and GALENA MINING LTD, you can compare the effects of market volatilities on Microbot Medical and GALENA MINING 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 GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and GALENA MINING.
Diversification Opportunities for Microbot Medical and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Microbot and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD 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 GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of Microbot Medical i.e., Microbot Medical and GALENA MINING go up and down completely randomly.
Pair Corralation between Microbot Medical and GALENA MINING
If you would invest 91.00 in Microbot Medical on August 29, 2024 and sell it today you would earn a total of 3.00 from holding Microbot Medical or generate 3.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.22% |
| Values | Daily Returns |
Microbot Medical vs. GALENA MINING LTD
Performance |
| Timeline |
| Microbot Medical |
| GALENA MINING LTD |
Microbot Medical and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and GALENA MINING
The main advantage of trading using opposite Microbot Medical and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, GALENA MINING 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc | Microbot Medical vs. Apple Inc |
| GALENA MINING vs. Superior Plus Corp | GALENA MINING vs. NMI Holdings | GALENA MINING vs. Origin Agritech | GALENA MINING vs. SIVERS SEMICONDUCTORS AB |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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