Correlation Between LeMaitre Vascular and TV Asahi
Can any of the company-specific risk be diversified away by investing in both LeMaitre Vascular and TV Asahi 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 LeMaitre Vascular and TV Asahi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between LeMaitre Vascular and TV Asahi Holdings, you can compare the effects of market volatilities on LeMaitre Vascular and TV Asahi 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 LeMaitre Vascular with a short position of TV Asahi. Check out your portfolio center. Please also check ongoing floating volatility patterns of LeMaitre Vascular and TV Asahi.
Diversification Opportunities for LeMaitre Vascular and TV Asahi
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LeMaitre and THDDY is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding LeMaitre Vascular and TV Asahi Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TV Asahi Holdings and LeMaitre Vascular 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 LeMaitre Vascular are associated (or correlated) with TV Asahi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TV Asahi Holdings has no effect on the direction of LeMaitre Vascular i.e., LeMaitre Vascular and TV Asahi go up and down completely randomly.
Pair Corralation between LeMaitre Vascular and TV Asahi
Given the investment horizon of 90 days LeMaitre Vascular is expected to generate 0.94 times more return on investment than TV Asahi. However, LeMaitre Vascular is 1.06 times less risky than TV Asahi. It trades about 0.34 of its potential returns per unit of risk. TV Asahi Holdings is currently generating about 0.22 per unit of risk. If you would invest 9,225 in LeMaitre Vascular on October 20, 2024 and sell it today you would earn a total of 681.00 from holding LeMaitre Vascular or generate 7.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
LeMaitre Vascular vs. TV Asahi Holdings
Performance |
| Timeline |
| LeMaitre Vascular |
| TV Asahi Holdings |
LeMaitre Vascular and TV Asahi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LeMaitre Vascular and TV Asahi
The main advantage of trading using opposite LeMaitre Vascular and TV Asahi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LeMaitre Vascular position performs unexpectedly, TV Asahi 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 TV Asahi will offset losses from the drop in TV Asahi's long position.| LeMaitre Vascular vs. InfuSystems Holdings | LeMaitre Vascular vs. Pro Dex | LeMaitre Vascular vs. Utah Medical Products | LeMaitre Vascular vs. Milestone Scientific |
| TV Asahi vs. Fubotv Inc | TV Asahi vs. Saga Communications | TV Asahi vs. Cumulus Media Class | TV Asahi vs. Curiositystream |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |