Correlation Between SurModics and Ainos
Can any of the company-specific risk be diversified away by investing in both SurModics and Ainos 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 SurModics and Ainos into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SurModics and Ainos Inc, you can compare the effects of market volatilities on SurModics and Ainos 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 SurModics with a short position of Ainos. Check out your portfolio center. Please also check ongoing floating volatility patterns of SurModics and Ainos.
Diversification Opportunities for SurModics and Ainos
Good diversification
The 3 months correlation between SurModics and Ainos is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding SurModics and Ainos Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainos Inc and SurModics 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 SurModics are associated (or correlated) with Ainos. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainos Inc has no effect on the direction of SurModics i.e., SurModics and Ainos go up and down completely randomly.
Pair Corralation between SurModics and Ainos
Given the investment horizon of 90 days SurModics is expected to generate 399.06 times less return on investment than Ainos. But when comparing it to its historical volatility, SurModics is 65.92 times less risky than Ainos. It trades about 0.03 of its potential returns per unit of risk. Ainos Inc is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 9.00 in Ainos Inc on August 28, 2024 and sell it today you would lose (6.40) from holding Ainos Inc or give up 71.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 38.76% |
| Values | Daily Returns |
SurModics vs. Ainos Inc
Performance |
| Timeline |
| SurModics |
| Ainos Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
SurModics and Ainos Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SurModics and Ainos
The main advantage of trading using opposite SurModics and Ainos positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SurModics position performs unexpectedly, Ainos 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 Ainos will offset losses from the drop in Ainos' long position.| SurModics vs. LivaNova PLC | SurModics vs. Electromed | SurModics vs. Orthopediatrics Corp | SurModics vs. Neuropace |
| Ainos vs. Mannatech Incorporated | Ainos vs. European Wax Center | Ainos vs. Mitsubishi UFJ Lease | Ainos vs. Timken Company |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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