Correlation Between Ekso Bionics and FOXO Technologies
Can any of the company-specific risk be diversified away by investing in both Ekso Bionics and FOXO Technologies 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 FOXO Technologies 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 FOXO Technologies, you can compare the effects of market volatilities on Ekso Bionics and FOXO Technologies 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 FOXO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekso Bionics and FOXO Technologies.
Diversification Opportunities for Ekso Bionics and FOXO Technologies
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ekso and FOXO is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Ekso Bionics Holdings and FOXO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOXO Technologies 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 FOXO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOXO Technologies has no effect on the direction of Ekso Bionics i.e., Ekso Bionics and FOXO Technologies go up and down completely randomly.
Pair Corralation between Ekso Bionics and FOXO Technologies
Given the investment horizon of 90 days Ekso Bionics Holdings is expected to under-perform the FOXO Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Ekso Bionics Holdings is 28.02 times less risky than FOXO Technologies. The stock trades about -0.34 of its potential returns per unit of risk. The FOXO Technologies is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 14.00 in FOXO Technologies on August 31, 2024 and sell it today you would earn a total of 38.00 from holding FOXO Technologies or generate 271.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ekso Bionics Holdings vs. FOXO Technologies
Performance |
| Timeline |
| Ekso Bionics Holdings |
| FOXO Technologies |
Ekso Bionics and FOXO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekso Bionics and FOXO Technologies
The main advantage of trading using opposite Ekso Bionics and FOXO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekso Bionics position performs unexpectedly, FOXO Technologies 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 FOXO Technologies will offset losses from the drop in FOXO Technologies' long position.| Ekso Bionics vs. Pro Dex | Ekso Bionics vs. Coloplast A | Ekso Bionics vs. Straumann Holding AG | Ekso Bionics vs. Nephros |
| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |