Correlation Between Tivic Health and Icecure Medical
Can any of the company-specific risk be diversified away by investing in both Tivic Health and Icecure 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 Icecure 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 Icecure Medical, you can compare the effects of market volatilities on Tivic Health and Icecure 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 Icecure Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tivic Health and Icecure Medical.
Diversification Opportunities for Tivic Health and Icecure Medical
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tivic and Icecure is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Tivic Health Systems and Icecure Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icecure 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 Icecure Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icecure Medical has no effect on the direction of Tivic Health i.e., Tivic Health and Icecure Medical go up and down completely randomly.
Pair Corralation between Tivic Health and Icecure Medical
Given the investment horizon of 90 days Tivic Health Systems is expected to under-perform the Icecure Medical. In addition to that, Tivic Health is 2.01 times more volatile than Icecure Medical. It trades about -0.05 of its total potential returns per unit of risk. Icecure Medical is currently generating about 0.0 per unit of volatility. If you would invest 102.00 in Icecure Medical on September 2, 2024 and sell it today you would lose (19.00) from holding Icecure Medical or give up 18.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tivic Health Systems vs. Icecure Medical
Performance |
| Timeline |
| Tivic Health Systems |
| Icecure Medical |
Tivic Health and Icecure Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tivic Health and Icecure Medical
The main advantage of trading using opposite Tivic Health and Icecure Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tivic Health position performs unexpectedly, Icecure 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 Icecure Medical will offset losses from the drop in Icecure 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 |
| Icecure Medical vs. BrainsWay | Icecure Medical vs. SurModics | Icecure Medical vs. STRATA Skin Sciences | Icecure Medical vs. Tenon Medical |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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