Correlation Between Icecure Medical and SurModics
Can any of the company-specific risk be diversified away by investing in both Icecure Medical and SurModics 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 Icecure Medical and SurModics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icecure Medical and SurModics, you can compare the effects of market volatilities on Icecure Medical and SurModics 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 Icecure Medical with a short position of SurModics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icecure Medical and SurModics.
Diversification Opportunities for Icecure Medical and SurModics
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Icecure and SurModics is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Icecure Medical and SurModics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SurModics and Icecure 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 Icecure Medical are associated (or correlated) with SurModics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SurModics has no effect on the direction of Icecure Medical i.e., Icecure Medical and SurModics go up and down completely randomly.
Pair Corralation between Icecure Medical and SurModics
Given the investment horizon of 90 days Icecure Medical is expected to under-perform the SurModics. In addition to that, Icecure Medical is 9.05 times more volatile than SurModics. It trades about -0.01 of its total potential returns per unit of risk. SurModics is currently generating about -0.08 per unit of volatility. If you would invest 4,205 in SurModics on September 1, 2024 and sell it today you would lose (260.00) from holding SurModics or give up 6.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Icecure Medical vs. SurModics
Performance |
| Timeline |
| Icecure Medical |
| SurModics |
Icecure Medical and SurModics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icecure Medical and SurModics
The main advantage of trading using opposite Icecure Medical and SurModics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icecure Medical position performs unexpectedly, SurModics 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 SurModics will offset losses from the drop in SurModics' long position.| Icecure Medical vs. BrainsWay | Icecure Medical vs. SurModics | Icecure Medical vs. STRATA Skin Sciences | Icecure Medical vs. Tenon Medical |
| SurModics vs. LivaNova PLC | SurModics vs. Electromed | SurModics vs. Orthopediatrics Corp | SurModics vs. Neuropace |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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