Correlation Between Odyssey Group and Myomo
Can any of the company-specific risk be diversified away by investing in both Odyssey Group and Myomo 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 Odyssey Group and Myomo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Odyssey Group International and Myomo Inc, you can compare the effects of market volatilities on Odyssey Group and Myomo 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 Odyssey Group with a short position of Myomo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Odyssey Group and Myomo.
Diversification Opportunities for Odyssey Group and Myomo
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Odyssey and Myomo is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Odyssey Group International and Myomo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Myomo Inc and Odyssey Group 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 Odyssey Group International are associated (or correlated) with Myomo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Myomo Inc has no effect on the direction of Odyssey Group i.e., Odyssey Group and Myomo go up and down completely randomly.
Pair Corralation between Odyssey Group and Myomo
Given the investment horizon of 90 days Odyssey Group International is expected to generate 2.8 times more return on investment than Myomo. However, Odyssey Group is 2.8 times more volatile than Myomo Inc. It trades about 0.03 of its potential returns per unit of risk. Myomo Inc is currently generating about 0.05 per unit of risk. If you would invest 4.50 in Odyssey Group International on December 4, 2024 and sell it today you would lose (3.31) from holding Odyssey Group International or give up 73.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
Odyssey Group International vs. Myomo Inc
Performance |
| Timeline |
| Odyssey Group Intern |
| Myomo Inc |
Odyssey Group and Myomo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Odyssey Group and Myomo
The main advantage of trading using opposite Odyssey Group and Myomo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Odyssey Group position performs unexpectedly, Myomo 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 Myomo will offset losses from the drop in Myomo's long position.| Odyssey Group vs. Forza Innovations | Odyssey Group vs. Bioelectronics Corp | Odyssey Group vs. Myomo Inc | Odyssey Group vs. REMSleep Holdings |
| Myomo vs. SINTX Technologies | Myomo vs. ReShape Lifesciences | Myomo vs. Bone Biologics Corp | Myomo 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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