Correlation Between Hims Hers and Ekso Bionics
Can any of the company-specific risk be diversified away by investing in both Hims Hers and Ekso Bionics 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 Hims Hers and Ekso Bionics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hims Hers Health and Ekso Bionics Holdings, you can compare the effects of market volatilities on Hims Hers and Ekso Bionics 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 Hims Hers with a short position of Ekso Bionics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hims Hers and Ekso Bionics.
Diversification Opportunities for Hims Hers and Ekso Bionics
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hims and Ekso is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Hims Hers Health and Ekso Bionics Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ekso Bionics Holdings and Hims Hers 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 Hims Hers Health are associated (or correlated) with Ekso Bionics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ekso Bionics Holdings has no effect on the direction of Hims Hers i.e., Hims Hers and Ekso Bionics go up and down completely randomly.
Pair Corralation between Hims Hers and Ekso Bionics
Given the investment horizon of 90 days Hims Hers is expected to generate 1.0 times less return on investment than Ekso Bionics. But when comparing it to its historical volatility, Hims Hers Health is 1.94 times less risky than Ekso Bionics. It trades about 0.11 of its potential returns per unit of risk. Ekso Bionics Holdings is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 61.00 in Ekso Bionics Holdings on October 25, 2024 and sell it today you would earn a total of 2.00 from holding Ekso Bionics Holdings or generate 3.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hims Hers Health vs. Ekso Bionics Holdings
Performance |
| Timeline |
| Hims Hers Health |
| Ekso Bionics Holdings |
Hims Hers and Ekso Bionics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hims Hers and Ekso Bionics
The main advantage of trading using opposite Hims Hers and Ekso Bionics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hims Hers position performs unexpectedly, Ekso Bionics 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 Ekso Bionics will offset losses from the drop in Ekso Bionics' long position.| Hims Hers vs. ELF Beauty | Hims Hers vs. Newell Brands | Hims Hers vs. Virgin Group Acquisition | Hims Hers vs. Estee Lauder Companies |
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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