Correlation Between Merit Medical and COOPERATIEVE
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By analyzing existing cross correlation between Merit Medical Systems and COOPERATIEVE CENTRALE RAIFFEISEN, you can compare the effects of market volatilities on Merit Medical and COOPERATIEVE 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 COOPERATIEVE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and COOPERATIEVE.
Diversification Opportunities for Merit Medical and COOPERATIEVE
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Merit and COOPERATIEVE is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and COOPERATIEVE CENTRALE RAIFFEIS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COOPERATIEVE CENTRALE 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 COOPERATIEVE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COOPERATIEVE CENTRALE has no effect on the direction of Merit Medical i.e., Merit Medical and COOPERATIEVE go up and down completely randomly.
Pair Corralation between Merit Medical and COOPERATIEVE
Given the investment horizon of 90 days Merit Medical Systems is expected to generate 1.45 times more return on investment than COOPERATIEVE. However, Merit Medical is 1.45 times more volatile than COOPERATIEVE CENTRALE RAIFFEISEN. It trades about 0.21 of its potential returns per unit of risk. COOPERATIEVE CENTRALE RAIFFEISEN is currently generating about -0.2 per unit of risk. If you would invest 9,761 in Merit Medical Systems on October 24, 2024 and sell it today you would earn a total of 529.00 from holding Merit Medical Systems or generate 5.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Merit Medical Systems vs. COOPERATIEVE CENTRALE RAIFFEIS
Performance |
| Timeline |
| Merit Medical Systems |
| COOPERATIEVE CENTRALE |
Merit Medical and COOPERATIEVE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and COOPERATIEVE
The main advantage of trading using opposite Merit Medical and COOPERATIEVE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, COOPERATIEVE 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 COOPERATIEVE will offset losses from the drop in COOPERATIEVE's long position.| Merit Medical vs. Teleflex Incorporated | Merit Medical vs. The Cooper Companies, | Merit Medical vs. West Pharmaceutical Services | Merit Medical vs. ICU Medical |
| COOPERATIEVE vs. Merit Medical Systems | COOPERATIEVE vs. Nyxoah | COOPERATIEVE vs. Tesla Inc | COOPERATIEVE vs. Radcom |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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