Correlation Between MeVis Medical and Apollo Investment
Can any of the company-specific risk be diversified away by investing in both MeVis Medical and Apollo Investment 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 MeVis Medical and Apollo Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MeVis Medical Solutions and Apollo Investment Corp, you can compare the effects of market volatilities on MeVis Medical and Apollo Investment 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 MeVis Medical with a short position of Apollo Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of MeVis Medical and Apollo Investment.
Diversification Opportunities for MeVis Medical and Apollo Investment
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MeVis and Apollo is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding MeVis Medical Solutions and Apollo Investment Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Investment Corp and MeVis Medical 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 MeVis Medical Solutions are associated (or correlated) with Apollo Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Investment Corp has no effect on the direction of MeVis Medical i.e., MeVis Medical and Apollo Investment go up and down completely randomly.
Pair Corralation between MeVis Medical and Apollo Investment
Assuming the 90 days trading horizon MeVis Medical Solutions is expected to under-perform the Apollo Investment. In addition to that, MeVis Medical is 1.04 times more volatile than Apollo Investment Corp. It trades about -0.04 of its total potential returns per unit of risk. Apollo Investment Corp is currently generating about 0.37 per unit of volatility. If you would invest 1,307 in Apollo Investment Corp on November 27, 2024 and sell it today you would earn a total of 82.00 from holding Apollo Investment Corp or generate 6.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MeVis Medical Solutions vs. Apollo Investment Corp
Performance |
| Timeline |
| MeVis Medical Solutions |
| Apollo Investment Corp |
MeVis Medical and Apollo Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MeVis Medical and Apollo Investment
The main advantage of trading using opposite MeVis Medical and Apollo Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MeVis Medical position performs unexpectedly, Apollo Investment 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 Apollo Investment will offset losses from the drop in Apollo Investment's long position.| MeVis Medical vs. Tencent Music Entertainment | MeVis Medical vs. Siamgas And Petrochemicals | MeVis Medical vs. Data Modul AG | MeVis Medical vs. Universal Entertainment |
| Apollo Investment vs. BROADPEAK SA EO | Apollo Investment vs. Jacquet Metal Service | Apollo Investment vs. Gaztransport et technigaz | Apollo Investment vs. Air Transport Services |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |