Correlation Between Ekso Bionics and Akso Health
Can any of the company-specific risk be diversified away by investing in both Ekso Bionics and Akso Health 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 Ekso Bionics and Akso Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ekso Bionics Holdings and Akso Health Group, you can compare the effects of market volatilities on Ekso Bionics and Akso Health 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 Ekso Bionics with a short position of Akso Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekso Bionics and Akso Health.
Diversification Opportunities for Ekso Bionics and Akso Health
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ekso and Akso is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Ekso Bionics Holdings and Akso Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akso Health Group and Ekso Bionics 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 Ekso Bionics Holdings are associated (or correlated) with Akso Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akso Health Group has no effect on the direction of Ekso Bionics i.e., Ekso Bionics and Akso Health go up and down completely randomly.
Pair Corralation between Ekso Bionics and Akso Health
Given the investment horizon of 90 days Ekso Bionics Holdings is expected to generate 1.51 times more return on investment than Akso Health. However, Ekso Bionics is 1.51 times more volatile than Akso Health Group. It trades about 0.05 of its potential returns per unit of risk. Akso Health Group is currently generating about -0.04 per unit of risk. If you would invest 61.00 in Ekso Bionics Holdings on November 1, 2024 and sell it today you would earn a total of 1.00 from holding Ekso Bionics Holdings or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ekso Bionics Holdings vs. Akso Health Group
Performance |
| Timeline |
| Ekso Bionics Holdings |
| Akso Health Group |
Ekso Bionics and Akso Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekso Bionics and Akso Health
The main advantage of trading using opposite Ekso Bionics and Akso Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekso Bionics position performs unexpectedly, Akso Health 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 Akso Health will offset losses from the drop in Akso Health's long position.| Ekso Bionics vs. Pro Dex | Ekso Bionics vs. Coloplast A | Ekso Bionics vs. Straumann Holding AG | Ekso Bionics vs. Nephros |
| Akso Health vs. Henry Schein | Akso Health vs. Owens Minor | Akso Health vs. Cardinal Health | Akso Health vs. Zynex Inc |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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