Correlation Between Merit Medical and EXXON
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By analyzing existing cross correlation between Merit Medical Systems and EXXON MOBIL P, you can compare the effects of market volatilities on Merit Medical and EXXON 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 EXXON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and EXXON.
Diversification Opportunities for Merit Medical and EXXON
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Merit and EXXON is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and EXXON MOBIL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXXON MOBIL P 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 EXXON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXXON MOBIL P has no effect on the direction of Merit Medical i.e., Merit Medical and EXXON go up and down completely randomly.
Pair Corralation between Merit Medical and EXXON
Given the investment horizon of 90 days Merit Medical is expected to generate 1.23 times less return on investment than EXXON. In addition to that, Merit Medical is 1.83 times more volatile than EXXON MOBIL P. It trades about 0.05 of its total potential returns per unit of risk. EXXON MOBIL P is currently generating about 0.1 per unit of volatility. If you would invest 7,698 in EXXON MOBIL P on September 16, 2024 and sell it today you would earn a total of 95.00 from holding EXXON MOBIL P or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Merit Medical Systems vs. EXXON MOBIL P
Performance |
| Timeline |
| Merit Medical Systems |
| EXXON MOBIL P |
Merit Medical and EXXON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and EXXON
The main advantage of trading using opposite Merit Medical and EXXON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, EXXON 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 EXXON will offset losses from the drop in EXXON's long position.| Merit Medical vs. Avita Medical | Merit Medical vs. Sight Sciences | Merit Medical vs. Treace Medical Concepts | Merit Medical vs. Neuropace |
| EXXON vs. WEBTOON Entertainment Common | EXXON vs. Merit Medical Systems | EXXON vs. Afya | EXXON vs. Viemed Healthcare |
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 Positions Ratings module to 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.
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