Correlation Between Microbot Medical and 606822CE2
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By analyzing existing cross correlation between Microbot Medical and MUFG 408 19 APR 28, you can compare the effects of market volatilities on Microbot Medical and 606822CE2 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 606822CE2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and 606822CE2.
Diversification Opportunities for Microbot Medical and 606822CE2
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Microbot and 606822CE2 is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and MUFG 408 19 APR 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUFG 408 19 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 606822CE2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUFG 408 19 has no effect on the direction of Microbot Medical i.e., Microbot Medical and 606822CE2 go up and down completely randomly.
Pair Corralation between Microbot Medical and 606822CE2
Given the investment horizon of 90 days Microbot Medical is expected to generate 12.36 times more return on investment than 606822CE2. However, Microbot Medical is 12.36 times more volatile than MUFG 408 19 APR 28. It trades about 0.0 of its potential returns per unit of risk. MUFG 408 19 APR 28 is currently generating about 0.01 per unit of risk. If you would invest 141.00 in Microbot Medical on September 14, 2024 and sell it today you would lose (41.00) from holding Microbot Medical or give up 29.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 61.85% |
| Values | Daily Returns |
Microbot Medical vs. MUFG 408 19 APR 28
Performance |
| Timeline |
| Microbot Medical |
| MUFG 408 19 |
Microbot Medical and 606822CE2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and 606822CE2
The main advantage of trading using opposite Microbot Medical and 606822CE2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, 606822CE2 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 606822CE2 will offset losses from the drop in 606822CE2's long position.| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
| 606822CE2 vs. AEP TEX INC | 606822CE2 vs. US BANK NATIONAL | 606822CE2 vs. Alphabet Inc Class C | 606822CE2 vs. InMode |
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 CEOs Directory module to screen CEOs from public companies around the world.
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