Correlation Between Tactile Systems and Antibe Therapeutics
Can any of the company-specific risk be diversified away by investing in both Tactile Systems and Antibe 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 Tactile Systems and Antibe Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tactile Systems Technology and Antibe Therapeutics, you can compare the effects of market volatilities on Tactile Systems and Antibe 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 Tactile Systems with a short position of Antibe Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tactile Systems and Antibe Therapeutics.
Diversification Opportunities for Tactile Systems and Antibe Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tactile and Antibe is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tactile Systems Technology and Antibe Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Antibe Therapeutics and Tactile Systems 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 Tactile Systems Technology are associated (or correlated) with Antibe Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Antibe Therapeutics has no effect on the direction of Tactile Systems i.e., Tactile Systems and Antibe Therapeutics go up and down completely randomly.
Pair Corralation between Tactile Systems and Antibe Therapeutics
If you would invest 1,511 in Tactile Systems Technology on September 3, 2024 and sell it today you would earn a total of 443.00 from holding Tactile Systems Technology or generate 29.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tactile Systems Technology vs. Antibe Therapeutics
Performance |
| Timeline |
| Tactile Systems Tech |
| Antibe Therapeutics |
Tactile Systems and Antibe Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tactile Systems and Antibe Therapeutics
The main advantage of trading using opposite Tactile Systems and Antibe Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tactile Systems position performs unexpectedly, Antibe 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 Antibe Therapeutics will offset losses from the drop in Antibe Therapeutics' long position.| Tactile Systems vs. CONMED | Tactile Systems vs. Treace Medical Concepts | Tactile Systems vs. SurModics | Tactile Systems vs. LivaNova PLC |
| Antibe Therapeutics vs. Pmv Pharmaceuticals | Antibe Therapeutics vs. MediciNova | Antibe Therapeutics vs. Pharvaris BV | Antibe Therapeutics vs. PepGen |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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