Correlation Between Pulmonx Corp and Bone Biologics
Can any of the company-specific risk be diversified away by investing in both Pulmonx Corp and Bone Biologics 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 Pulmonx Corp and Bone Biologics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pulmonx Corp and Bone Biologics Corp, you can compare the effects of market volatilities on Pulmonx Corp and Bone Biologics 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 Pulmonx Corp with a short position of Bone Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pulmonx Corp and Bone Biologics.
Diversification Opportunities for Pulmonx Corp and Bone Biologics
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Pulmonx and Bone is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Pulmonx Corp and Bone Biologics Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bone Biologics Corp and Pulmonx Corp 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 Pulmonx Corp are associated (or correlated) with Bone Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bone Biologics Corp has no effect on the direction of Pulmonx Corp i.e., Pulmonx Corp and Bone Biologics go up and down completely randomly.
Pair Corralation between Pulmonx Corp and Bone Biologics
Given the investment horizon of 90 days Pulmonx Corp is expected to generate 0.52 times more return on investment than Bone Biologics. However, Pulmonx Corp is 1.92 times less risky than Bone Biologics. It trades about -0.09 of its potential returns per unit of risk. Bone Biologics Corp is currently generating about -0.11 per unit of risk. If you would invest 829.00 in Pulmonx Corp on August 28, 2024 and sell it today you would lose (168.00) from holding Pulmonx Corp or give up 20.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pulmonx Corp vs. Bone Biologics Corp
Performance |
| Timeline |
| Pulmonx Corp |
| Bone Biologics Corp |
Pulmonx Corp and Bone Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pulmonx Corp and Bone Biologics
The main advantage of trading using opposite Pulmonx Corp and Bone Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pulmonx Corp position performs unexpectedly, Bone Biologics 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 Bone Biologics will offset losses from the drop in Bone Biologics' long position.| Pulmonx Corp vs. Iradimed Co | Pulmonx Corp vs. Orthofix Medical | Pulmonx Corp vs. Neuropace | Pulmonx Corp vs. Integer Holdings Corp |
| Bone Biologics vs. Bluejay Diagnostics | Bone Biologics vs. Nuwellis | Bone Biologics vs. Heart Test Laboratories | Bone Biologics vs. Tivic Health Systems |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |