Correlation Between Tivic Health and Apyx Medical
Can any of the company-specific risk be diversified away by investing in both Tivic Health and Apyx Medical 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 Tivic Health and Apyx Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tivic Health Systems and Apyx Medical, you can compare the effects of market volatilities on Tivic Health and Apyx Medical 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 Tivic Health with a short position of Apyx Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tivic Health and Apyx Medical.
Diversification Opportunities for Tivic Health and Apyx Medical
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tivic and Apyx is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Tivic Health Systems and Apyx Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical and Tivic Health 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 Tivic Health Systems are associated (or correlated) with Apyx Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apyx Medical has no effect on the direction of Tivic Health i.e., Tivic Health and Apyx Medical go up and down completely randomly.
Pair Corralation between Tivic Health and Apyx Medical
Given the investment horizon of 90 days Tivic Health Systems is expected to under-perform the Apyx Medical. In addition to that, Tivic Health is 1.8 times more volatile than Apyx Medical. It trades about -0.06 of its total potential returns per unit of risk. Apyx Medical is currently generating about 0.02 per unit of volatility. If you would invest 187.00 in Apyx Medical on August 25, 2024 and sell it today you would lose (42.50) from holding Apyx Medical or give up 22.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tivic Health Systems vs. Apyx Medical
Performance |
| Timeline |
| Tivic Health Systems |
| Apyx Medical |
Tivic Health and Apyx Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tivic Health and Apyx Medical
The main advantage of trading using opposite Tivic Health and Apyx Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tivic Health position performs unexpectedly, Apyx Medical 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 Apyx Medical will offset losses from the drop in Apyx Medical's long position.| Tivic Health vs. Bluejay Diagnostics | Tivic Health vs. Heart Test Laboratories | Tivic Health vs. Nuwellis | Tivic Health vs. Bone Biologics Corp |
| Apyx Medical vs. Heartbeam | Apyx Medical vs. EUDA Health Holdings | Apyx Medical vs. Nutex Health | Apyx Medical vs. Healthcare Triangle |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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