Correlation Between LENSAR and 36262GAB7
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By analyzing existing cross correlation between LENSAR Inc and GXO 165 15 JUL 26, you can compare the effects of market volatilities on LENSAR and 36262GAB7 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 LENSAR with a short position of 36262GAB7. Check out your portfolio center. Please also check ongoing floating volatility patterns of LENSAR and 36262GAB7.
Diversification Opportunities for LENSAR and 36262GAB7
Very good diversification
The 3 months correlation between LENSAR and 36262GAB7 is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding LENSAR Inc and GXO 165 15 JUL 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GXO 165 15 and LENSAR 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 LENSAR Inc are associated (or correlated) with 36262GAB7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GXO 165 15 has no effect on the direction of LENSAR i.e., LENSAR and 36262GAB7 go up and down completely randomly.
Pair Corralation between LENSAR and 36262GAB7
Given the investment horizon of 90 days LENSAR Inc is expected to generate 4.48 times more return on investment than 36262GAB7. However, LENSAR is 4.48 times more volatile than GXO 165 15 JUL 26. It trades about 0.35 of its potential returns per unit of risk. GXO 165 15 JUL 26 is currently generating about -0.16 per unit of risk. If you would invest 538.00 in LENSAR Inc on September 2, 2024 and sell it today you would earn a total of 215.00 from holding LENSAR Inc or generate 39.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
LENSAR Inc vs. GXO 165 15 JUL 26
Performance |
| Timeline |
| LENSAR Inc |
| GXO 165 15 |
LENSAR and 36262GAB7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LENSAR and 36262GAB7
The main advantage of trading using opposite LENSAR and 36262GAB7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LENSAR position performs unexpectedly, 36262GAB7 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 36262GAB7 will offset losses from the drop in 36262GAB7's long position.| LENSAR vs. Profound Medical Corp | LENSAR vs. Si Bone | LENSAR vs. Nevro Corp | LENSAR vs. Orthopediatrics Corp |
| 36262GAB7 vs. Alvotech | 36262GAB7 vs. LENSAR Inc | 36262GAB7 vs. Ihuman Inc | 36262GAB7 vs. Microbot Medical |
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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