Correlation Between Ekso Bionics and Clearpoint Neuro
Can any of the company-specific risk be diversified away by investing in both Ekso Bionics and Clearpoint Neuro 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 Clearpoint Neuro 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 Clearpoint Neuro, you can compare the effects of market volatilities on Ekso Bionics and Clearpoint Neuro 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 Clearpoint Neuro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekso Bionics and Clearpoint Neuro.
Diversification Opportunities for Ekso Bionics and Clearpoint Neuro
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ekso and Clearpoint is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Ekso Bionics Holdings and Clearpoint Neuro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clearpoint Neuro 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 Clearpoint Neuro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clearpoint Neuro has no effect on the direction of Ekso Bionics i.e., Ekso Bionics and Clearpoint Neuro go up and down completely randomly.
Pair Corralation between Ekso Bionics and Clearpoint Neuro
Given the investment horizon of 90 days Ekso Bionics Holdings is expected to under-perform the Clearpoint Neuro. In addition to that, Ekso Bionics is 1.16 times more volatile than Clearpoint Neuro. It trades about -0.1 of its total potential returns per unit of risk. Clearpoint Neuro is currently generating about 0.09 per unit of volatility. If you would invest 1,262 in Clearpoint Neuro on November 2, 2024 and sell it today you would earn a total of 499.00 from holding Clearpoint Neuro or generate 39.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ekso Bionics Holdings vs. Clearpoint Neuro
Performance |
| Timeline |
| Ekso Bionics Holdings |
| Clearpoint Neuro |
Ekso Bionics and Clearpoint Neuro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekso Bionics and Clearpoint Neuro
The main advantage of trading using opposite Ekso Bionics and Clearpoint Neuro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekso Bionics position performs unexpectedly, Clearpoint Neuro 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 Clearpoint Neuro will offset losses from the drop in Clearpoint Neuro's long position.| Ekso Bionics vs. Pro Dex | Ekso Bionics vs. Coloplast A | Ekso Bionics vs. Straumann Holding AG | Ekso Bionics vs. Nephros |
| Clearpoint Neuro vs. Avita Medical | Clearpoint Neuro vs. Sight Sciences | Clearpoint Neuro vs. Treace Medical Concepts | Clearpoint Neuro vs. Neuropace |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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