Correlation Between Merit Medical and 62886HBL4
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By analyzing existing cross correlation between Merit Medical Systems and NCLH 8375 01 FEB 28, you can compare the effects of market volatilities on Merit Medical and 62886HBL4 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 62886HBL4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and 62886HBL4.
Diversification Opportunities for Merit Medical and 62886HBL4
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Merit and 62886HBL4 is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and NCLH 8375 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NCLH 8375 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 62886HBL4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NCLH 8375 01 has no effect on the direction of Merit Medical i.e., Merit Medical and 62886HBL4 go up and down completely randomly.
Pair Corralation between Merit Medical and 62886HBL4
Given the investment horizon of 90 days Merit Medical Systems is expected to generate 1.61 times more return on investment than 62886HBL4. However, Merit Medical is 1.61 times more volatile than NCLH 8375 01 FEB 28. It trades about -0.01 of its potential returns per unit of risk. NCLH 8375 01 FEB 28 is currently generating about -0.27 per unit of risk. If you would invest 10,410 in Merit Medical Systems on September 12, 2024 and sell it today you would lose (31.00) from holding Merit Medical Systems or give up 0.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
Merit Medical Systems vs. NCLH 8375 01 FEB 28
Performance |
| Timeline |
| Merit Medical Systems |
| NCLH 8375 01 |
Merit Medical and 62886HBL4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Merit Medical and 62886HBL4
The main advantage of trading using opposite Merit Medical and 62886HBL4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, 62886HBL4 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 62886HBL4 will offset losses from the drop in 62886HBL4'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 |
| 62886HBL4 vs. Teradyne | 62886HBL4 vs. STMicroelectronics NV ADR | 62886HBL4 vs. Merit Medical Systems | 62886HBL4 vs. MagnaChip Semiconductor |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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