Correlation Between Microbot Medical and 15189WAP5
Specify exactly 2 symbols:
By analyzing existing cross correlation between Microbot Medical and CNP 44 01 JUL 32, you can compare the effects of market volatilities on Microbot Medical and 15189WAP5 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 15189WAP5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and 15189WAP5.
Diversification Opportunities for Microbot Medical and 15189WAP5
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Microbot and 15189WAP5 is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and CNP 44 01 JUL 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNP 44 01 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 15189WAP5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNP 44 01 has no effect on the direction of Microbot Medical i.e., Microbot Medical and 15189WAP5 go up and down completely randomly.
Pair Corralation between Microbot Medical and 15189WAP5
Given the investment horizon of 90 days Microbot Medical is expected to under-perform the 15189WAP5. In addition to that, Microbot Medical is 17.51 times more volatile than CNP 44 01 JUL 32. It trades about -0.12 of its total potential returns per unit of risk. CNP 44 01 JUL 32 is currently generating about 0.15 per unit of volatility. If you would invest 9,481 in CNP 44 01 JUL 32 on November 29, 2024 and sell it today you would earn a total of 122.00 from holding CNP 44 01 JUL 32 or generate 1.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Microbot Medical vs. CNP 44 01 JUL 32
Performance |
| Timeline |
| Microbot Medical |
| CNP 44 01 |
Microbot Medical and 15189WAP5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and 15189WAP5
The main advantage of trading using opposite Microbot Medical and 15189WAP5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, 15189WAP5 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 15189WAP5 will offset losses from the drop in 15189WAP5's long position.| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
| 15189WAP5 vs. Nordic Semiconductor ASA | 15189WAP5 vs. Siriuspoint | 15189WAP5 vs. Taiwan Semiconductor Manufacturing | 15189WAP5 vs. Cheche Group Class |
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.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| 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 |