Correlation Between Nexgel and G Medical
Can any of the company-specific risk be diversified away by investing in both Nexgel and G 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 Nexgel and G Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nexgel Inc and G Medical Innovations, you can compare the effects of market volatilities on Nexgel and G 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 Nexgel with a short position of G Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nexgel and G Medical.
Diversification Opportunities for Nexgel and G Medical
Very good diversification
The 3 months correlation between Nexgel and GMVD is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Nexgel Inc and G Medical Innovations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G Medical Innovations and Nexgel 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 Nexgel Inc are associated (or correlated) with G Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G Medical Innovations has no effect on the direction of Nexgel i.e., Nexgel and G Medical go up and down completely randomly.
Pair Corralation between Nexgel and G Medical
If you would invest 383.00 in Nexgel Inc on November 2, 2024 and sell it today you would lose (1.00) from holding Nexgel Inc or give up 0.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Nexgel Inc vs. G Medical Innovations
Performance |
| Timeline |
| Nexgel Inc |
| G Medical Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nexgel and G Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nexgel and G Medical
The main advantage of trading using opposite Nexgel and G Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nexgel position performs unexpectedly, G 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 G Medical will offset losses from the drop in G Medical's long position.| Nexgel vs. GlucoTrack | Nexgel vs. Predictive Oncology | Nexgel vs. Pro Dex | Nexgel vs. JIN MEDICAL INTERNATIONAL |
| G Medical vs. Innovative Eyewear | G Medical vs. Sharps Technology | G Medical vs. JIN MEDICAL INTERNATIONAL | G Medical vs. Nexgel 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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