Correlation Between Merit Medical and 053332BC5
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By analyzing existing cross correlation between Merit Medical Systems and AZO 45 01 FEB 28, you can compare the effects of market volatilities on Merit Medical and 053332BC5 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 053332BC5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and 053332BC5.
Diversification Opportunities for Merit Medical and 053332BC5
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Merit and 053332BC5 is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and AZO 45 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AZO 45 01 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 053332BC5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AZO 45 01 has no effect on the direction of Merit Medical i.e., Merit Medical and 053332BC5 go up and down completely randomly.
Pair Corralation between Merit Medical and 053332BC5
Given the investment horizon of 90 days Merit Medical Systems is expected to generate 2.69 times more return on investment than 053332BC5. However, Merit Medical is 2.69 times more volatile than AZO 45 01 FEB 28. It trades about 0.23 of its potential returns per unit of risk. AZO 45 01 FEB 28 is currently generating about -0.08 per unit of risk. If you would invest 9,908 in Merit Medical Systems on September 4, 2024 and sell it today you would earn a total of 575.00 from holding Merit Medical Systems or generate 5.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Merit Medical Systems vs. AZO 45 01 FEB 28
Performance |
| Timeline |
| Merit Medical Systems |
| AZO 45 01 |
Merit Medical and 053332BC5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and 053332BC5
The main advantage of trading using opposite Merit Medical and 053332BC5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, 053332BC5 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 053332BC5 will offset losses from the drop in 053332BC5'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, |
| 053332BC5 vs. Cumberland Pharmaceuticals | 053332BC5 vs. Artisan Partners Asset | 053332BC5 vs. Oatly Group AB | 053332BC5 vs. Merit Medical Systems |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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