Correlation Between Inspira Technologies and Rewalk Robotics
Can any of the company-specific risk be diversified away by investing in both Inspira Technologies and Rewalk Robotics 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 Rewalk Robotics 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 Rewalk Robotics, you can compare the effects of market volatilities on Inspira Technologies and Rewalk Robotics 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 Rewalk Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inspira Technologies and Rewalk Robotics.
Diversification Opportunities for Inspira Technologies and Rewalk Robotics
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Inspira and Rewalk is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Inspira Technologies Oxy and Rewalk Robotics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rewalk Robotics 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 Rewalk Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rewalk Robotics has no effect on the direction of Inspira Technologies i.e., Inspira Technologies and Rewalk Robotics go up and down completely randomly.
Pair Corralation between Inspira Technologies and Rewalk Robotics
If you would invest 24.00 in Inspira Technologies Oxy on September 19, 2024 and sell it today you would lose (2.00) from holding Inspira Technologies Oxy or give up 8.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Inspira Technologies Oxy vs. Rewalk Robotics
Performance |
| Timeline |
| Inspira Technologies Oxy |
| Rewalk Robotics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Inspira Technologies and Rewalk Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inspira Technologies and Rewalk Robotics
The main advantage of trading using opposite Inspira Technologies and Rewalk Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inspira Technologies position performs unexpectedly, Rewalk Robotics 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 Rewalk Robotics will offset losses from the drop in Rewalk Robotics' long position.| Inspira Technologies vs. Avita Medical | Inspira Technologies vs. Inogen Inc | Inspira Technologies vs. Apyx Medical |
| Rewalk Robotics vs. Inspira Technologies Oxy | Rewalk Robotics vs. Heart Test Laboratories | Rewalk Robotics vs. NanoVibronix | Rewalk Robotics vs. Rapid Micro Biosystems |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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