Correlation Between MaxCyte and Hyperfine
Can any of the company-specific risk be diversified away by investing in both MaxCyte and Hyperfine at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining MaxCyte and Hyperfine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MaxCyte and Hyperfine, you can compare the effects of market volatilities on MaxCyte and Hyperfine 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 MaxCyte with a short position of Hyperfine. Check out your portfolio center. Please also check ongoing floating volatility patterns of MaxCyte and Hyperfine.
Diversification Opportunities for MaxCyte and Hyperfine
Average diversification
The 3 months correlation between MaxCyte and Hyperfine is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding MaxCyte and Hyperfine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyperfine and MaxCyte 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 MaxCyte are associated (or correlated) with Hyperfine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyperfine has no effect on the direction of MaxCyte i.e., MaxCyte and Hyperfine go up and down completely randomly.
Pair Corralation between MaxCyte and Hyperfine
Given the investment horizon of 90 days MaxCyte is expected to under-perform the Hyperfine. But the stock apears to be less risky and, when comparing its historical volatility, MaxCyte is 4.06 times less risky than Hyperfine. The stock trades about -0.41 of its potential returns per unit of risk. The Hyperfine is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 99.00 in Hyperfine on November 28, 2024 and sell it today you would lose (2.00) from holding Hyperfine or give up 2.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MaxCyte vs. Hyperfine
Performance |
| Timeline |
| MaxCyte |
| Hyperfine |
MaxCyte and Hyperfine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MaxCyte and Hyperfine
The main advantage of trading using opposite MaxCyte and Hyperfine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MaxCyte position performs unexpectedly, Hyperfine 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 Hyperfine will offset losses from the drop in Hyperfine's long position.| MaxCyte vs. Sight Sciences | MaxCyte vs. CVRx Inc | MaxCyte vs. Neuropace | MaxCyte vs. Rapid Micro Biosystems |
| Hyperfine vs. Neuropace | Hyperfine vs. Orthopediatrics Corp | Hyperfine vs. Anika Therapeutics | Hyperfine vs. PAVmed Inc |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |