Correlation Between Surgalign Holdings and Anika Therapeutics
Can any of the company-specific risk be diversified away by investing in both Surgalign Holdings and Anika Therapeutics 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 Surgalign Holdings and Anika Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Surgalign Holdings and Anika Therapeutics, you can compare the effects of market volatilities on Surgalign Holdings and Anika Therapeutics 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 Surgalign Holdings with a short position of Anika Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Surgalign Holdings and Anika Therapeutics.
Diversification Opportunities for Surgalign Holdings and Anika Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Surgalign and Anika is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Surgalign Holdings and Anika Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anika Therapeutics and Surgalign Holdings 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 Surgalign Holdings are associated (or correlated) with Anika Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anika Therapeutics has no effect on the direction of Surgalign Holdings i.e., Surgalign Holdings and Anika Therapeutics go up and down completely randomly.
Pair Corralation between Surgalign Holdings and Anika Therapeutics
If you would invest 1,594 in Anika Therapeutics on November 9, 2024 and sell it today you would earn a total of 185.00 from holding Anika Therapeutics or generate 11.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Surgalign Holdings vs. Anika Therapeutics
Performance |
| Timeline |
| Surgalign Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Anika Therapeutics |
Surgalign Holdings and Anika Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Surgalign Holdings and Anika Therapeutics
The main advantage of trading using opposite Surgalign Holdings and Anika Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Surgalign Holdings position performs unexpectedly, Anika Therapeutics 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 Anika Therapeutics will offset losses from the drop in Anika Therapeutics' long position.| Surgalign Holdings vs. Paragon 28 | Surgalign Holdings vs. Orthofix Medical | Surgalign Holdings vs. Si Bone | Surgalign Holdings vs. Avanos Medical |
| Anika Therapeutics vs. Axogen Inc | Anika Therapeutics vs. Orthofix Medical | Anika Therapeutics vs. SurModics | Anika Therapeutics vs. Paragon 28 |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Global Correlations Find global opportunities by holding instruments from different markets |