Correlation Between Progyny and Axonics Modulation
Can any of the company-specific risk be diversified away by investing in both Progyny and Axonics Modulation 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 Progyny and Axonics Modulation into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Progyny and Axonics Modulation Technologies, you can compare the effects of market volatilities on Progyny and Axonics Modulation 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 Progyny with a short position of Axonics Modulation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Progyny and Axonics Modulation.
Diversification Opportunities for Progyny and Axonics Modulation
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Progyny and Axonics is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Progyny and Axonics Modulation Technologie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axonics Modulation and Progyny 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 Progyny are associated (or correlated) with Axonics Modulation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axonics Modulation has no effect on the direction of Progyny i.e., Progyny and Axonics Modulation go up and down completely randomly.
Pair Corralation between Progyny and Axonics Modulation
Given the investment horizon of 90 days Progyny is expected to under-perform the Axonics Modulation. In addition to that, Progyny is 11.6 times more volatile than Axonics Modulation Technologies. It trades about -0.09 of its total potential returns per unit of risk. Axonics Modulation Technologies is currently generating about 0.07 per unit of volatility. If you would invest 6,788 in Axonics Modulation Technologies on August 28, 2024 and sell it today you would earn a total of 310.00 from holding Axonics Modulation Technologies or generate 4.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.65% |
| Values | Daily Returns |
Progyny vs. Axonics Modulation Technologie
Performance |
| Timeline |
| Progyny |
| Axonics Modulation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Progyny and Axonics Modulation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Progyny and Axonics Modulation
The main advantage of trading using opposite Progyny and Axonics Modulation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Progyny position performs unexpectedly, Axonics Modulation 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 Axonics Modulation will offset losses from the drop in Axonics Modulation's long position.| Progyny vs. Veeva Systems Class | Progyny vs. Teladoc | Progyny vs. Goodrx Holdings | Progyny vs. 10X Genomics |
| Axonics Modulation vs. Orthofix Medical | Axonics Modulation vs. Glaukos Corp | Axonics Modulation vs. Bruker | Axonics Modulation vs. Integer Holdings Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |