Correlation Between CEVA and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both CEVA and Microbot 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 CEVA and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CEVA Inc and Microbot Medical, you can compare the effects of market volatilities on CEVA and Microbot 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 CEVA with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEVA and Microbot Medical.
Diversification Opportunities for CEVA and Microbot Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CEVA and Microbot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CEVA Inc and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and CEVA 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 CEVA Inc are associated (or correlated) with Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of CEVA i.e., CEVA and Microbot Medical go up and down completely randomly.
Pair Corralation between CEVA and Microbot Medical
If you would invest 100.00 in Microbot Medical on October 25, 2024 and sell it today you would earn a total of 78.00 from holding Microbot Medical or generate 78.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
CEVA Inc vs. Microbot Medical
Performance |
| Timeline |
| CEVA Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Microbot Medical |
CEVA and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CEVA and Microbot Medical
The main advantage of trading using opposite CEVA and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEVA position performs unexpectedly, Microbot 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| CEVA vs. MACOM Technology Solutions | CEVA vs. Unity Software | CEVA vs. SCOTT TECHNOLOGY | CEVA vs. Kingdee International Software |
| Microbot Medical vs. Cleanaway Waste Management | Microbot Medical vs. Platinum Investment Management | Microbot Medical vs. Brockhaus Capital Management | Microbot Medical vs. Kingdee International Software |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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