Correlation Between SINTX Technologies and RA Medical
Can any of the company-specific risk be diversified away by investing in both SINTX Technologies and RA 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 SINTX Technologies and RA Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SINTX Technologies and RA Medical Systems, you can compare the effects of market volatilities on SINTX Technologies and RA 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 SINTX Technologies with a short position of RA Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of SINTX Technologies and RA Medical.
Diversification Opportunities for SINTX Technologies and RA Medical
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between SINTX and RMED is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding SINTX Technologies and RA Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RA Medical Systems and SINTX Technologies 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 SINTX Technologies are associated (or correlated) with RA Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RA Medical Systems has no effect on the direction of SINTX Technologies i.e., SINTX Technologies and RA Medical go up and down completely randomly.
Pair Corralation between SINTX Technologies and RA Medical
If you would invest 68.00 in RA Medical Systems on November 3, 2024 and sell it today you would earn a total of 0.00 from holding RA Medical Systems or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
SINTX Technologies vs. RA Medical Systems
Performance |
| Timeline |
| SINTX Technologies |
| RA Medical Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SINTX Technologies and RA Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SINTX Technologies and RA Medical
The main advantage of trading using opposite SINTX Technologies and RA Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINTX Technologies position performs unexpectedly, RA 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 RA Medical will offset losses from the drop in RA Medical's long position.| SINTX Technologies vs. ReShape Lifesciences | SINTX Technologies vs. Bone Biologics Corp | SINTX Technologies vs. Tivic Health Systems | SINTX Technologies vs. Nuwellis |
| RA Medical vs. SINTX Technologies | RA Medical vs. ReShape Lifesciences | RA Medical vs. Bone Biologics Corp | RA Medical vs. Tivic Health Systems |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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