Correlation Between NanoVibronix and Bluejay Diagnostics
Can any of the company-specific risk be diversified away by investing in both NanoVibronix and Bluejay Diagnostics 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 NanoVibronix and Bluejay Diagnostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NanoVibronix and Bluejay Diagnostics, you can compare the effects of market volatilities on NanoVibronix and Bluejay Diagnostics 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 NanoVibronix with a short position of Bluejay Diagnostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of NanoVibronix and Bluejay Diagnostics.
Diversification Opportunities for NanoVibronix and Bluejay Diagnostics
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between NanoVibronix and Bluejay is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding NanoVibronix and Bluejay Diagnostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bluejay Diagnostics and NanoVibronix 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 NanoVibronix are associated (or correlated) with Bluejay Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bluejay Diagnostics has no effect on the direction of NanoVibronix i.e., NanoVibronix and Bluejay Diagnostics go up and down completely randomly.
Pair Corralation between NanoVibronix and Bluejay Diagnostics
Given the investment horizon of 90 days NanoVibronix is expected to generate 0.24 times more return on investment than Bluejay Diagnostics. However, NanoVibronix is 4.09 times less risky than Bluejay Diagnostics. It trades about 0.28 of its potential returns per unit of risk. Bluejay Diagnostics is currently generating about 0.01 per unit of risk. If you would invest 52.00 in NanoVibronix on August 25, 2024 and sell it today you would earn a total of 18.60 from holding NanoVibronix or generate 35.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NanoVibronix vs. Bluejay Diagnostics
Performance |
| Timeline |
| NanoVibronix |
| Bluejay Diagnostics |
NanoVibronix and Bluejay Diagnostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NanoVibronix and Bluejay Diagnostics
The main advantage of trading using opposite NanoVibronix and Bluejay Diagnostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NanoVibronix position performs unexpectedly, Bluejay Diagnostics 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 Bluejay Diagnostics will offset losses from the drop in Bluejay Diagnostics' long position.| NanoVibronix vs. Bone Biologics Corp | NanoVibronix vs. Bluejay Diagnostics | NanoVibronix vs. Vivos Therapeutics | NanoVibronix vs. Tivic Health Systems |
| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |