Correlation Between Microbot Medical and GABY
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and GABY 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 Microbot Medical and GABY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and GABY Inc, you can compare the effects of market volatilities on Microbot Medical and GABY 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 Microbot Medical with a short position of GABY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and GABY.
Diversification Opportunities for Microbot Medical and GABY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Microbot and GABY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and GABY Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GABY Inc and Microbot 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 Microbot Medical are associated (or correlated) with GABY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GABY Inc has no effect on the direction of Microbot Medical i.e., Microbot Medical and GABY go up and down completely randomly.
Pair Corralation between Microbot Medical and GABY
Given the investment horizon of 90 days Microbot Medical is expected to generate 339.0 times less return on investment than GABY. But when comparing it to its historical volatility, Microbot Medical is 2.92 times less risky than GABY. It trades about 0.0 of its potential returns per unit of risk. GABY Inc is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 0.57 in GABY Inc on September 5, 2024 and sell it today you would lose (0.43) from holding GABY Inc or give up 75.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 85.05% |
| Values | Daily Returns |
Microbot Medical vs. GABY Inc
Performance |
| Timeline |
| Microbot Medical |
| GABY Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Microbot Medical and GABY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and GABY
The main advantage of trading using opposite Microbot Medical and GABY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, GABY 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 GABY will offset losses from the drop in GABY's long position.| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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