Correlation Between LENSAR and Yik Wo
Can any of the company-specific risk be diversified away by investing in both LENSAR and Yik Wo 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 LENSAR and Yik Wo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between LENSAR Inc and Yik Wo International, you can compare the effects of market volatilities on LENSAR and Yik Wo 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 Yik Wo. Check out your portfolio center. Please also check ongoing floating volatility patterns of LENSAR and Yik Wo.
Diversification Opportunities for LENSAR and Yik Wo
Pay attention - limited upside
The 3 months correlation between LENSAR and Yik is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding LENSAR Inc and Yik Wo International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yik Wo International 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 Yik Wo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yik Wo International has no effect on the direction of LENSAR i.e., LENSAR and Yik Wo go up and down completely randomly.
Pair Corralation between LENSAR and Yik Wo
If you would invest 739.00 in LENSAR Inc on September 14, 2024 and sell it today you would earn a total of 25.00 from holding LENSAR Inc or generate 3.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
LENSAR Inc vs. Yik Wo International
Performance |
| Timeline |
| LENSAR Inc |
| Yik Wo International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
LENSAR and Yik Wo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LENSAR and Yik Wo
The main advantage of trading using opposite LENSAR and Yik Wo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LENSAR position performs unexpectedly, Yik Wo 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 Yik Wo will offset losses from the drop in Yik Wo's long position.| LENSAR vs. Avita Medical | LENSAR vs. Sight Sciences | LENSAR vs. Treace Medical Concepts | LENSAR vs. Neuropace |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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