Correlation Between Globus Medical and Acutus Medical
Can any of the company-specific risk be diversified away by investing in both Globus Medical and Acutus Medical 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 Globus Medical and Acutus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Globus Medical and Acutus Medical, you can compare the effects of market volatilities on Globus Medical and Acutus Medical 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 Globus Medical with a short position of Acutus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Globus Medical and Acutus Medical.
Diversification Opportunities for Globus Medical and Acutus Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Globus and Acutus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Globus Medical and Acutus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acutus Medical and Globus Medical 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 Globus Medical are associated (or correlated) with Acutus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acutus Medical has no effect on the direction of Globus Medical i.e., Globus Medical and Acutus Medical go up and down completely randomly.
Pair Corralation between Globus Medical and Acutus Medical
If you would invest (100.00) in Acutus Medical on November 29, 2024 and sell it today you would earn a total of 100.00 from holding Acutus Medical 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 |
Globus Medical vs. Acutus Medical
Performance |
| Timeline |
| Globus Medical |
| Acutus Medical |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Globus Medical and Acutus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Globus Medical and Acutus Medical
The main advantage of trading using opposite Globus Medical and Acutus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Globus Medical position performs unexpectedly, Acutus Medical 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 Acutus Medical will offset losses from the drop in Acutus Medical's long position.| Globus Medical vs. Orthofix Medical | Globus Medical vs. CONMED | Globus Medical vs. Alphatec Holdings | Globus Medical vs. LivaNova 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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