Correlation Between Procter Gamble and Asensus Surgical
Can any of the company-specific risk be diversified away by investing in both Procter Gamble 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 Procter Gamble and Asensus Surgical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Procter Gamble and Asensus Surgical, you can compare the effects of market volatilities on Procter Gamble 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 Procter Gamble with a short position of Asensus Surgical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Procter Gamble and Asensus Surgical.
Diversification Opportunities for Procter Gamble and Asensus Surgical
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Procter and Asensus is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Procter Gamble and Asensus Surgical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asensus Surgical and Procter Gamble 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 Procter Gamble 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 Procter Gamble i.e., Procter Gamble and Asensus Surgical go up and down completely randomly.
Pair Corralation between Procter Gamble and Asensus Surgical
If you would invest 17,350 in Procter Gamble on September 2, 2024 and sell it today you would earn a total of 576.00 from holding Procter Gamble or generate 3.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Procter Gamble vs. Asensus Surgical
Performance |
| Timeline |
| Procter Gamble |
| Asensus Surgical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Procter Gamble and Asensus Surgical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Procter Gamble and Asensus Surgical
The main advantage of trading using opposite Procter Gamble and Asensus Surgical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Procter Gamble 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.| Procter Gamble vs. Colgate Palmolive | Procter Gamble vs. Unilever PLC ADR | Procter Gamble vs. Kimberly Clark | Procter Gamble vs. Estee Lauder Companies |
| 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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