Correlation Between Merit Medical and APACHE
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By analyzing existing cross correlation between Merit Medical Systems and APACHE P 51, you can compare the effects of market volatilities on Merit Medical and APACHE 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 Merit Medical with a short position of APACHE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and APACHE.
Diversification Opportunities for Merit Medical and APACHE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Merit and APACHE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and APACHE P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APACHE P 51 and Merit 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 Merit Medical Systems are associated (or correlated) with APACHE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APACHE P 51 has no effect on the direction of Merit Medical i.e., Merit Medical and APACHE go up and down completely randomly.
Pair Corralation between Merit Medical and APACHE
If you would invest 8,310 in Merit Medical Systems on September 4, 2024 and sell it today you would earn a total of 2,173 from holding Merit Medical Systems or generate 26.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.27% |
| Values | Daily Returns |
Merit Medical Systems vs. APACHE P 51
Performance |
| Timeline |
| Merit Medical Systems |
| APACHE P 51 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Merit Medical and APACHE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and APACHE
The main advantage of trading using opposite Merit Medical and APACHE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, APACHE 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 APACHE will offset losses from the drop in APACHE's long position.| Merit Medical vs. Baxter International | Merit Medical vs. West Pharmaceutical Services | Merit Medical vs. ResMed Inc | Merit Medical vs. The Cooper Companies, |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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