Correlation Between STRATA Skin and Ainos
Can any of the company-specific risk be diversified away by investing in both STRATA Skin 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 STRATA Skin and Ainos into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between STRATA Skin Sciences and Ainos Inc, you can compare the effects of market volatilities on STRATA Skin 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 STRATA Skin with a short position of Ainos. Check out your portfolio center. Please also check ongoing floating volatility patterns of STRATA Skin and Ainos.
Diversification Opportunities for STRATA Skin and Ainos
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between STRATA and Ainos is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding STRATA Skin Sciences and Ainos Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainos Inc and STRATA Skin 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 STRATA Skin Sciences 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 STRATA Skin i.e., STRATA Skin and Ainos go up and down completely randomly.
Pair Corralation between STRATA Skin and Ainos
If you would invest 2.60 in Ainos Inc on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Ainos Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 18.18% |
| Values | Daily Returns |
STRATA Skin Sciences vs. Ainos Inc
Performance |
| Timeline |
| STRATA Skin Sciences |
| Ainos Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
STRATA Skin and Ainos Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STRATA Skin and Ainos
The main advantage of trading using opposite STRATA Skin and Ainos positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STRATA Skin 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.| STRATA Skin vs. Axogen Inc | STRATA Skin vs. Ainos Inc | STRATA Skin vs. LENSAR Inc | STRATA Skin vs. Nexalin Technology |
| Ainos vs. Citizens | Ainos vs. Old Republic International | Ainos vs. Kite Realty Group | Ainos vs. Olympic Steel |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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