Correlation Between Penumbra and Asensus Surgical
Can any of the company-specific risk be diversified away by investing in both Penumbra and Asensus Surgical 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 Penumbra and Asensus Surgical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Penumbra and Asensus Surgical, you can compare the effects of market volatilities on Penumbra and Asensus Surgical 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 Penumbra with a short position of Asensus Surgical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penumbra and Asensus Surgical.
Diversification Opportunities for Penumbra and Asensus Surgical
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Penumbra and Asensus is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Penumbra and Asensus Surgical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asensus Surgical and Penumbra 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 Penumbra are associated (or correlated) with Asensus Surgical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asensus Surgical has no effect on the direction of Penumbra i.e., Penumbra and Asensus Surgical go up and down completely randomly.
Pair Corralation between Penumbra and Asensus Surgical
If you would invest 21,129 in Penumbra on August 31, 2024 and sell it today you would earn a total of 3,286 from holding Penumbra or generate 15.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Penumbra vs. Asensus Surgical
Performance |
| Timeline |
| Penumbra |
| Asensus Surgical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Penumbra and Asensus Surgical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Penumbra and Asensus Surgical
The main advantage of trading using opposite Penumbra and Asensus Surgical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penumbra position performs unexpectedly, Asensus Surgical 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 Asensus Surgical will offset losses from the drop in Asensus Surgical's long position.| Penumbra vs. Insulet | Penumbra vs. TransMedics Group | Penumbra vs. Masimo | Penumbra vs. Inspire Medical Systems |
| Asensus Surgical vs. Senseonics Holdings | Asensus Surgical vs. Bionano Genomics | Asensus Surgical vs. Jaguar Animal Health | Asensus Surgical vs. Foresight Autonomous Holdings |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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