Correlation Between Rewalk Robotics and Boston Scientific
Can any of the company-specific risk be diversified away by investing in both Rewalk Robotics and Boston Scientific 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 Rewalk Robotics and Boston Scientific into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rewalk Robotics and Boston Scientific Corp, you can compare the effects of market volatilities on Rewalk Robotics and Boston Scientific 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 Rewalk Robotics with a short position of Boston Scientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rewalk Robotics and Boston Scientific.
Diversification Opportunities for Rewalk Robotics and Boston Scientific
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Rewalk and Boston is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Rewalk Robotics and Boston Scientific Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boston Scientific Corp and Rewalk Robotics 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 Rewalk Robotics are associated (or correlated) with Boston Scientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boston Scientific Corp has no effect on the direction of Rewalk Robotics i.e., Rewalk Robotics and Boston Scientific go up and down completely randomly.
Pair Corralation between Rewalk Robotics and Boston Scientific
If you would invest 5,599 in Boston Scientific Corp on September 20, 2024 and sell it today you would earn a total of 3,444 from holding Boston Scientific Corp or generate 61.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.4% |
| Values | Daily Returns |
Rewalk Robotics vs. Boston Scientific Corp
Performance |
| Timeline |
| Rewalk Robotics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Boston Scientific Corp |
Rewalk Robotics and Boston Scientific Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rewalk Robotics and Boston Scientific
The main advantage of trading using opposite Rewalk Robotics and Boston Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rewalk Robotics position performs unexpectedly, Boston Scientific 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 Boston Scientific will offset losses from the drop in Boston Scientific's long position.| Rewalk Robotics vs. Inspira Technologies Oxy | Rewalk Robotics vs. Heart Test Laboratories | Rewalk Robotics vs. NanoVibronix | Rewalk Robotics vs. Rapid Micro Biosystems |
| Boston Scientific vs. Stryker | Boston Scientific vs. Abbott Laboratories | Boston Scientific vs. Medtronic PLC | Boston Scientific vs. DexCom Inc |
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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