Correlation Between Merit Medical and MQGAU
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By analyzing existing cross correlation between Merit Medical Systems and MQGAU 2871 14 JAN 33, you can compare the effects of market volatilities on Merit Medical and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and MQGAU.
Diversification Opportunities for Merit Medical and MQGAU
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Merit and MQGAU is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and MQGAU 2871 14 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 2871 14 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 2871 14 has no effect on the direction of Merit Medical i.e., Merit Medical and MQGAU go up and down completely randomly.
Pair Corralation between Merit Medical and MQGAU
Given the investment horizon of 90 days Merit Medical Systems is expected to generate 1.09 times more return on investment than MQGAU. However, Merit Medical is 1.09 times more volatile than MQGAU 2871 14 JAN 33. It trades about 0.13 of its potential returns per unit of risk. MQGAU 2871 14 JAN 33 is currently generating about -0.02 per unit of risk. If you would invest 6,878 in Merit Medical Systems on September 4, 2024 and sell it today you would earn a total of 3,604 from holding Merit Medical Systems or generate 52.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 59.11% |
| Values | Daily Returns |
Merit Medical Systems vs. MQGAU 2871 14 JAN 33
Performance |
| Timeline |
| Merit Medical Systems |
| MQGAU 2871 14 |
Merit Medical and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and MQGAU
The main advantage of trading using opposite Merit Medical and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU'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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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