Correlation Between Figs and OneMedNet Corp
Can any of the company-specific risk be diversified away by investing in both Figs 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 Figs and OneMedNet Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Figs Inc and OneMedNet Corp, you can compare the effects of market volatilities on Figs 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 Figs with a short position of OneMedNet Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Figs and OneMedNet Corp.
Diversification Opportunities for Figs and OneMedNet Corp
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Figs and OneMedNet is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and OneMedNet Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneMedNet Corp and Figs 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 Figs Inc 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 Figs i.e., Figs and OneMedNet Corp go up and down completely randomly.
Pair Corralation between Figs and OneMedNet Corp
Given the investment horizon of 90 days Figs Inc is expected to under-perform the OneMedNet Corp. But the stock apears to be less risky and, when comparing its historical volatility, Figs Inc is 1.45 times less risky than OneMedNet Corp. The stock trades about -0.11 of its potential returns per unit of risk. The OneMedNet Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 63.00 in OneMedNet Corp on August 28, 2024 and sell it today you would earn a total of 28.00 from holding OneMedNet Corp or generate 44.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Figs Inc vs. OneMedNet Corp
Performance |
| Timeline |
| Figs Inc |
| OneMedNet Corp |
Figs and OneMedNet Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Figs and OneMedNet Corp
The main advantage of trading using opposite Figs and OneMedNet Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Figs 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.The idea behind Figs Inc and OneMedNet Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| OneMedNet Corp vs. Amkor Technology | OneMedNet Corp vs. Playtika Holding Corp | OneMedNet Corp vs. Insteel Industries | OneMedNet Corp vs. Allient |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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