Correlation Between Myomo and Acutus Medical
Can any of the company-specific risk be diversified away by investing in both Myomo and Acutus Medical 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 Myomo and Acutus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Myomo Inc and Acutus Medical, you can compare the effects of market volatilities on Myomo and Acutus Medical 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 Myomo with a short position of Acutus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Myomo and Acutus Medical.
Diversification Opportunities for Myomo and Acutus Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Myomo and Acutus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Myomo Inc and Acutus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acutus Medical and Myomo 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 Myomo Inc are associated (or correlated) with Acutus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acutus Medical has no effect on the direction of Myomo i.e., Myomo and Acutus Medical go up and down completely randomly.
Pair Corralation between Myomo and Acutus Medical
If you would invest 74.00 in Myomo Inc on November 29, 2024 and sell it today you would earn a total of 421.00 from holding Myomo Inc or generate 568.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Myomo Inc vs. Acutus Medical
Performance |
| Timeline |
| Myomo Inc |
| Acutus Medical |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Myomo and Acutus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Myomo and Acutus Medical
The main advantage of trading using opposite Myomo and Acutus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Myomo position performs unexpectedly, Acutus Medical 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 Acutus Medical will offset losses from the drop in Acutus Medical's long position.| Myomo vs. SINTX Technologies | Myomo vs. ReShape Lifesciences | Myomo vs. Bone Biologics Corp | Myomo vs. Tivic Health Systems |
| Acutus Medical vs. STRATA Skin Sciences | Acutus Medical vs. Axogen Inc | Acutus Medical vs. Ainos Inc | Acutus Medical vs. LENSAR 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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