Correlation Between G Medical and CeCors
Can any of the company-specific risk be diversified away by investing in both G Medical and CeCors 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 G Medical and CeCors into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between G Medical Innovations and CeCors Inc, you can compare the effects of market volatilities on G Medical and CeCors 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 G Medical with a short position of CeCors. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Medical and CeCors.
Diversification Opportunities for G Medical and CeCors
Very weak diversification
The 3 months correlation between GMVD and CeCors is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding G Medical Innovations and CeCors Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CeCors Inc and G 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 G Medical Innovations are associated (or correlated) with CeCors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CeCors Inc has no effect on the direction of G Medical i.e., G Medical and CeCors go up and down completely randomly.
Pair Corralation between G Medical and CeCors
Given the investment horizon of 90 days G Medical Innovations is expected to under-perform the CeCors. In addition to that, G Medical is 1.05 times more volatile than CeCors Inc. It trades about -0.06 of its total potential returns per unit of risk. CeCors Inc is currently generating about 0.06 per unit of volatility. If you would invest 1.82 in CeCors Inc on August 26, 2024 and sell it today you would earn a total of 1.06 from holding CeCors Inc or generate 58.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 31.99% |
| Values | Daily Returns |
G Medical Innovations vs. CeCors Inc
Performance |
| Timeline |
| G Medical Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CeCors Inc |
G Medical and CeCors Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Medical and CeCors
The main advantage of trading using opposite G Medical and CeCors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Medical position performs unexpectedly, CeCors 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 CeCors will offset losses from the drop in CeCors' long position.| G Medical vs. Innovative Eyewear | G Medical vs. Sharps Technology | G Medical vs. JIN MEDICAL INTERNATIONAL | G Medical vs. Nexgel Inc |
| CeCors vs. BioLife Sciences | CeCors vs. Innerscope Advertising Agency | CeCors vs. GlucoTrack | CeCors vs. Sharps Technology |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |