Correlation Between Microbot Medical and Jumbo SA
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and Jumbo SA 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 Jumbo SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and Jumbo SA, you can compare the effects of market volatilities on Microbot Medical and Jumbo SA 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 Jumbo SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and Jumbo SA.
Diversification Opportunities for Microbot Medical and Jumbo SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Microbot and Jumbo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and Jumbo SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jumbo SA 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 Jumbo SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jumbo SA has no effect on the direction of Microbot Medical i.e., Microbot Medical and Jumbo SA go up and down completely randomly.
Pair Corralation between Microbot Medical and Jumbo SA
Given the investment horizon of 90 days Microbot Medical is expected to under-perform the Jumbo SA. In addition to that, Microbot Medical is 3.14 times more volatile than Jumbo SA. It trades about 0.0 of its total potential returns per unit of risk. Jumbo SA is currently generating about 0.08 per unit of volatility. If you would invest 1,800 in Jumbo SA on September 3, 2024 and sell it today you would earn a total of 950.00 from holding Jumbo SA or generate 52.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 44.85% |
| Values | Daily Returns |
Microbot Medical vs. Jumbo SA
Performance |
| Timeline |
| Microbot Medical |
| Jumbo SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Microbot Medical and Jumbo SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and Jumbo SA
The main advantage of trading using opposite Microbot Medical and Jumbo SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, Jumbo SA 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 Jumbo SA will offset losses from the drop in Jumbo SA's long position.| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
| Jumbo SA vs. Akanda Corp | Jumbo SA vs. Microbot Medical | Jumbo SA vs. Cumberland Pharmaceuticals | Jumbo SA vs. Aquestive Therapeutics |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |