Correlation Between Inspira Technologies and NanoVibronix
Can any of the company-specific risk be diversified away by investing in both Inspira Technologies and NanoVibronix 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 Inspira Technologies and NanoVibronix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inspira Technologies Oxy and NanoVibronix, you can compare the effects of market volatilities on Inspira Technologies and NanoVibronix 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 Inspira Technologies with a short position of NanoVibronix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inspira Technologies and NanoVibronix.
Diversification Opportunities for Inspira Technologies and NanoVibronix
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Inspira and NanoVibronix is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Inspira Technologies Oxy and NanoVibronix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NanoVibronix and Inspira Technologies 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 Inspira Technologies Oxy are associated (or correlated) with NanoVibronix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NanoVibronix has no effect on the direction of Inspira Technologies i.e., Inspira Technologies and NanoVibronix go up and down completely randomly.
Pair Corralation between Inspira Technologies and NanoVibronix
Assuming the 90 days horizon Inspira Technologies Oxy is expected to generate 0.98 times more return on investment than NanoVibronix. However, Inspira Technologies Oxy is 1.02 times less risky than NanoVibronix. It trades about 0.1 of its potential returns per unit of risk. NanoVibronix is currently generating about -0.18 per unit of risk. If you would invest 21.00 in Inspira Technologies Oxy on October 29, 2024 and sell it today you would earn a total of 2.00 from holding Inspira Technologies Oxy or generate 9.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inspira Technologies Oxy vs. NanoVibronix
Performance |
| Timeline |
| Inspira Technologies Oxy |
| NanoVibronix |
Inspira Technologies and NanoVibronix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inspira Technologies and NanoVibronix
The main advantage of trading using opposite Inspira Technologies and NanoVibronix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inspira Technologies position performs unexpectedly, NanoVibronix 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 NanoVibronix will offset losses from the drop in NanoVibronix's long position.| Inspira Technologies vs. Guardforce AI Co | Inspira Technologies vs. TC BioPharm plc | Inspira Technologies vs. bioAffinity Technologies Warrant |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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