Correlation Between Surgical Science and Implantica
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By analyzing existing cross correlation between Surgical Science Sweden and Implantica AG, you can compare the effects of market volatilities on Surgical Science and Implantica 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 Surgical Science with a short position of Implantica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Surgical Science and Implantica.
Diversification Opportunities for Surgical Science and Implantica
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Surgical and Implantica is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Surgical Science Sweden and Implantica AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Implantica AG and Surgical Science 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 Surgical Science Sweden are associated (or correlated) with Implantica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Implantica AG has no effect on the direction of Surgical Science i.e., Surgical Science and Implantica go up and down completely randomly.
Pair Corralation between Surgical Science and Implantica
Assuming the 90 days trading horizon Surgical Science Sweden is expected to generate 1.14 times more return on investment than Implantica. However, Surgical Science is 1.14 times more volatile than Implantica AG. It trades about 0.22 of its potential returns per unit of risk. Implantica AG is currently generating about -0.16 per unit of risk. If you would invest 12,560 in Surgical Science Sweden on September 1, 2024 and sell it today you would earn a total of 2,260 from holding Surgical Science Sweden or generate 17.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Surgical Science Sweden vs. Implantica AG
Performance |
| Timeline |
| Surgical Science Sweden |
| Implantica AG |
Surgical Science and Implantica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Surgical Science and Implantica
The main advantage of trading using opposite Surgical Science and Implantica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Surgical Science position performs unexpectedly, Implantica 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 Implantica will offset losses from the drop in Implantica's long position.| Surgical Science vs. BICO Group AB | Surgical Science vs. Hexatronic Group AB | Surgical Science vs. Swedencare publ AB | Surgical Science vs. MIPS AB |
| Implantica vs. Bonesupport Holding AB | Implantica vs. Surgical Science Sweden | Implantica vs. Storytel AB |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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