Correlation Between Myomo and Thermogenesis Holdings
Can any of the company-specific risk be diversified away by investing in both Myomo and Thermogenesis Holdings 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 Thermogenesis Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Myomo Inc and Thermogenesis Holdings, you can compare the effects of market volatilities on Myomo and Thermogenesis Holdings 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 Thermogenesis Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Myomo and Thermogenesis Holdings.
Diversification Opportunities for Myomo and Thermogenesis Holdings
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Myomo and Thermogenesis is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Myomo Inc and Thermogenesis Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thermogenesis Holdings 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 Thermogenesis Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thermogenesis Holdings has no effect on the direction of Myomo i.e., Myomo and Thermogenesis Holdings go up and down completely randomly.
Pair Corralation between Myomo and Thermogenesis Holdings
Considering the 90-day investment horizon Myomo Inc is expected to generate 0.92 times more return on investment than Thermogenesis Holdings. However, Myomo Inc is 1.09 times less risky than Thermogenesis Holdings. It trades about 0.14 of its potential returns per unit of risk. Thermogenesis Holdings is currently generating about -0.05 per unit of risk. If you would invest 62.00 in Myomo Inc on September 12, 2024 and sell it today you would earn a total of 578.00 from holding Myomo Inc or generate 932.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 63.14% |
| Values | Daily Returns |
Myomo Inc vs. Thermogenesis Holdings
Performance |
| Timeline |
| Myomo Inc |
| Thermogenesis Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Myomo and Thermogenesis Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Myomo and Thermogenesis Holdings
The main advantage of trading using opposite Myomo and Thermogenesis Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Myomo position performs unexpectedly, Thermogenesis Holdings 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 Thermogenesis Holdings will offset losses from the drop in Thermogenesis Holdings' long position.| Myomo vs. SINTX Technologies | Myomo vs. ReShape Lifesciences | Myomo vs. Bone Biologics Corp | Myomo vs. Tivic Health Systems |
| Thermogenesis Holdings vs. Tivic Health Systems | Thermogenesis Holdings vs. Bluejay Diagnostics | Thermogenesis Holdings vs. Heart Test Laboratories | Thermogenesis Holdings vs. Nuwellis |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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