Correlation Between Icecure Medical and Tenon Medical
Can any of the company-specific risk be diversified away by investing in both Icecure Medical and Tenon 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 Icecure Medical and Tenon Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icecure Medical and Tenon Medical, you can compare the effects of market volatilities on Icecure Medical and Tenon 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 Icecure Medical with a short position of Tenon Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icecure Medical and Tenon Medical.
Diversification Opportunities for Icecure Medical and Tenon Medical
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Icecure and Tenon is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Icecure Medical and Tenon Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tenon Medical 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 Tenon Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tenon Medical has no effect on the direction of Icecure Medical i.e., Icecure Medical and Tenon Medical go up and down completely randomly.
Pair Corralation between Icecure Medical and Tenon Medical
Given the investment horizon of 90 days Icecure Medical is expected to generate 1.06 times more return on investment than Tenon Medical. However, Icecure Medical is 1.06 times more volatile than Tenon Medical. It trades about 0.16 of its potential returns per unit of risk. Tenon Medical is currently generating about -0.21 per unit of risk. If you would invest 123.00 in Icecure Medical on November 29, 2024 and sell it today you would earn a total of 14.00 from holding Icecure Medical or generate 11.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Icecure Medical vs. Tenon Medical
Performance |
| Timeline |
| Icecure Medical |
| Tenon Medical |
Icecure Medical and Tenon Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icecure Medical and Tenon Medical
The main advantage of trading using opposite Icecure Medical and Tenon Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icecure Medical position performs unexpectedly, Tenon 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 Tenon Medical will offset losses from the drop in Tenon Medical's long position.| Icecure Medical vs. BrainsWay | Icecure Medical vs. SurModics | Icecure Medical vs. STRATA Skin Sciences | Icecure Medical vs. Tenon Medical |
| Tenon Medical vs. Ainos Inc | Tenon Medical vs. STRATA Skin Sciences | Tenon Medical vs. Neuropace | Tenon Medical vs. Movano Inc |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |