Correlation Between Pulmonx Corp and Telesis Bio
Can any of the company-specific risk be diversified away by investing in both Pulmonx Corp and Telesis Bio 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 Telesis Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pulmonx Corp and Telesis Bio, you can compare the effects of market volatilities on Pulmonx Corp and Telesis Bio 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 Telesis Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pulmonx Corp and Telesis Bio.
Diversification Opportunities for Pulmonx Corp and Telesis Bio
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Pulmonx and Telesis is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Pulmonx Corp and Telesis Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telesis Bio 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 Telesis Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telesis Bio has no effect on the direction of Pulmonx Corp i.e., Pulmonx Corp and Telesis Bio go up and down completely randomly.
Pair Corralation between Pulmonx Corp and Telesis Bio
If you would invest 600.00 in Pulmonx Corp on October 20, 2024 and sell it today you would earn a total of 26.00 from holding Pulmonx Corp or generate 4.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 2.44% |
| Values | Daily Returns |
Pulmonx Corp vs. Telesis Bio
Performance |
| Timeline |
| Pulmonx Corp |
| Telesis Bio |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pulmonx Corp and Telesis Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pulmonx Corp and Telesis Bio
The main advantage of trading using opposite Pulmonx Corp and Telesis Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pulmonx Corp position performs unexpectedly, Telesis Bio 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 Telesis Bio will offset losses from the drop in Telesis Bio's long position.| Pulmonx Corp vs. Iradimed Co | Pulmonx Corp vs. Orthofix Medical | Pulmonx Corp vs. Neuropace | Pulmonx Corp vs. Integer Holdings Corp |
| Telesis Bio vs. Pentair PLC | Telesis Bio vs. Franklin Wireless Corp | Telesis Bio vs. Precision Optics, | Telesis Bio vs. ARIA Wireless 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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