Correlation Between GE Aerospace and Rewalk Robotics
Can any of the company-specific risk be diversified away by investing in both GE Aerospace and Rewalk Robotics 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 GE Aerospace and Rewalk Robotics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GE Aerospace and Rewalk Robotics, you can compare the effects of market volatilities on GE Aerospace and Rewalk Robotics 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 GE Aerospace with a short position of Rewalk Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of GE Aerospace and Rewalk Robotics.
Diversification Opportunities for GE Aerospace and Rewalk Robotics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GE Aerospace and Rewalk is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GE Aerospace and Rewalk Robotics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rewalk Robotics and GE Aerospace 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 GE Aerospace are associated (or correlated) with Rewalk Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rewalk Robotics has no effect on the direction of GE Aerospace i.e., GE Aerospace and Rewalk Robotics go up and down completely randomly.
Pair Corralation between GE Aerospace and Rewalk Robotics
If you would invest (100.00) in Rewalk Robotics on December 7, 2024 and sell it today you would earn a total of 100.00 from holding Rewalk Robotics or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GE Aerospace vs. Rewalk Robotics
Performance |
| Timeline |
| GE Aerospace |
| Rewalk Robotics |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
GE Aerospace and Rewalk Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GE Aerospace and Rewalk Robotics
The main advantage of trading using opposite GE Aerospace and Rewalk Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GE Aerospace position performs unexpectedly, Rewalk Robotics 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 Rewalk Robotics will offset losses from the drop in Rewalk Robotics' long position.| GE Aerospace vs. Illinois Tool Works | GE Aerospace vs. Dover | GE Aerospace vs. Cummins | GE Aerospace vs. Eaton PLC |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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