Correlation Between Daxor and Pro Dex
Can any of the company-specific risk be diversified away by investing in both Daxor and Pro Dex 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 Daxor and Pro Dex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Daxor and Pro Dex, you can compare the effects of market volatilities on Daxor and Pro Dex 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 Daxor with a short position of Pro Dex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Daxor and Pro Dex.
Diversification Opportunities for Daxor and Pro Dex
Modest diversification
The 3 months correlation between Daxor and Pro is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Daxor and Pro Dex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pro Dex and Daxor 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 Daxor are associated (or correlated) with Pro Dex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pro Dex has no effect on the direction of Daxor i.e., Daxor and Pro Dex go up and down completely randomly.
Pair Corralation between Daxor and Pro Dex
Considering the 90-day investment horizon Daxor is expected to generate 4.71 times less return on investment than Pro Dex. In addition to that, Daxor is 1.1 times more volatile than Pro Dex. It trades about 0.02 of its total potential returns per unit of risk. Pro Dex is currently generating about 0.08 per unit of volatility. If you would invest 1,720 in Pro Dex on August 27, 2024 and sell it today you would earn a total of 2,955 from holding Pro Dex or generate 171.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.59% |
| Values | Daily Returns |
Daxor vs. Pro Dex
Performance |
| Timeline |
| Daxor |
| Pro Dex |
Daxor and Pro Dex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Daxor and Pro Dex
The main advantage of trading using opposite Daxor and Pro Dex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Daxor position performs unexpectedly, Pro Dex 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 Pro Dex will offset losses from the drop in Pro Dex's long position.| Daxor vs. InfuSystems Holdings | Daxor vs. Meihua International Medical | Daxor vs. Repro Med Systems | Daxor vs. LeMaitre Vascular |
| Pro Dex vs. Heartbeam | Pro Dex vs. EUDA Health Holdings | Pro Dex vs. Nutex Health | Pro Dex vs. Healthcare Triangle |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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