Correlation Between Fonar and Amer Bio
Can any of the company-specific risk be diversified away by investing in both Fonar and Amer Bio 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 Fonar and Amer Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fonar and Amer Bio Medica, you can compare the effects of market volatilities on Fonar and Amer Bio 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 Fonar with a short position of Amer Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fonar and Amer Bio.
Diversification Opportunities for Fonar and Amer Bio
Pay attention - limited upside
The 3 months correlation between Fonar and Amer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fonar and Amer Bio Medica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amer Bio Medica and Fonar 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 Fonar are associated (or correlated) with Amer Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amer Bio Medica has no effect on the direction of Fonar i.e., Fonar and Amer Bio go up and down completely randomly.
Pair Corralation between Fonar and Amer Bio
If you would invest 1,510 in Fonar on November 3, 2024 and sell it today you would earn a total of 65.00 from holding Fonar or generate 4.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Fonar vs. Amer Bio Medica
Performance |
| Timeline |
| Fonar |
| Amer Bio Medica |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Fonar and Amer Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fonar and Amer Bio
The main advantage of trading using opposite Fonar and Amer Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fonar position performs unexpectedly, Amer Bio 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 Amer Bio will offset losses from the drop in Amer Bio's long position.| Fonar vs. Burning Rock Biotech | Fonar vs. Sera Prognostics | Fonar vs. Exagen Inc | Fonar vs. Castle Biosciences |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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