Correlation Between LENSAR and Outfront
Specify exactly 2 symbols:
By analyzing existing cross correlation between LENSAR Inc and Outfront Media Capital, you can compare the effects of market volatilities on LENSAR and Outfront 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 Outfront. Check out your portfolio center. Please also check ongoing floating volatility patterns of LENSAR and Outfront.
Diversification Opportunities for LENSAR and Outfront
Excellent diversification
The 3 months correlation between LENSAR and Outfront is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding LENSAR Inc and Outfront Media Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Outfront Media Capital 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 Outfront. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Outfront Media Capital has no effect on the direction of LENSAR i.e., LENSAR and Outfront go up and down completely randomly.
Pair Corralation between LENSAR and Outfront
Given the investment horizon of 90 days LENSAR Inc is expected to generate 4.8 times more return on investment than Outfront. However, LENSAR is 4.8 times more volatile than Outfront Media Capital. It trades about 0.07 of its potential returns per unit of risk. Outfront Media Capital is currently generating about 0.03 per unit of risk. If you would invest 270.00 in LENSAR Inc on September 14, 2024 and sell it today you would earn a total of 494.00 from holding LENSAR Inc or generate 182.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.14% |
| Values | Daily Returns |
LENSAR Inc vs. Outfront Media Capital
Performance |
| Timeline |
| LENSAR Inc |
| Outfront Media Capital |
LENSAR and Outfront Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LENSAR and Outfront
The main advantage of trading using opposite LENSAR and Outfront positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LENSAR position performs unexpectedly, Outfront 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 Outfront will offset losses from the drop in Outfront's long position.| LENSAR vs. Avita Medical | LENSAR vs. Sight Sciences | LENSAR vs. Treace Medical Concepts | LENSAR vs. Neuropace |
| Outfront vs. Perseus Mining Limited | Outfront vs. LENSAR Inc | Outfront vs. Forsys Metals Corp | Outfront vs. Barrick Gold Corp |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |