Correlation Between Ekso Bionics and OneMedNet Corp
Can any of the company-specific risk be diversified away by investing in both Ekso Bionics and OneMedNet Corp 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 OneMedNet Corp 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 OneMedNet Corp, you can compare the effects of market volatilities on Ekso Bionics and OneMedNet Corp 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 OneMedNet Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekso Bionics and OneMedNet Corp.
Diversification Opportunities for Ekso Bionics and OneMedNet Corp
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ekso and OneMedNet is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ekso Bionics Holdings and OneMedNet Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneMedNet Corp 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 OneMedNet Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneMedNet Corp has no effect on the direction of Ekso Bionics i.e., Ekso Bionics and OneMedNet Corp go up and down completely randomly.
Pair Corralation between Ekso Bionics and OneMedNet Corp
Given the investment horizon of 90 days Ekso Bionics Holdings is expected to under-perform the OneMedNet Corp. But the stock apears to be less risky and, when comparing its historical volatility, Ekso Bionics Holdings is 1.41 times less risky than OneMedNet Corp. The stock trades about -0.09 of its potential returns per unit of risk. The OneMedNet Corp is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 58.00 in OneMedNet Corp on October 31, 2024 and sell it today you would earn a total of 46.00 from holding OneMedNet Corp or generate 79.31% 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. OneMedNet Corp
Performance |
| Timeline |
| Ekso Bionics Holdings |
| OneMedNet Corp |
Ekso Bionics and OneMedNet Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekso Bionics and OneMedNet Corp
The main advantage of trading using opposite Ekso Bionics and OneMedNet Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekso Bionics position performs unexpectedly, OneMedNet Corp 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 OneMedNet Corp will offset losses from the drop in OneMedNet Corp's long position.| Ekso Bionics vs. Pro Dex | Ekso Bionics vs. Coloplast A | Ekso Bionics vs. Straumann Holding AG | Ekso Bionics vs. Nephros |
| OneMedNet Corp vs. WEBTOON Entertainment Common | OneMedNet Corp vs. Lincoln Educational Services | OneMedNet Corp vs. Skillful Craftsman Education | OneMedNet Corp vs. Verra Mobility Corp |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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