Correlation Between Tenon Medical and Icecure Medical
Can any of the company-specific risk be diversified away by investing in both Tenon Medical 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 Tenon Medical and Icecure Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tenon Medical and Icecure Medical, you can compare the effects of market volatilities on Tenon Medical 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 Tenon Medical with a short position of Icecure Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tenon Medical and Icecure Medical.
Diversification Opportunities for Tenon Medical and Icecure Medical
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tenon and Icecure is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Tenon Medical and Icecure Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icecure Medical and Tenon Medical 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 Tenon Medical 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 Tenon Medical i.e., Tenon Medical and Icecure Medical go up and down completely randomly.
Pair Corralation between Tenon Medical and Icecure Medical
Given the investment horizon of 90 days Tenon Medical is expected to under-perform the Icecure Medical. In addition to that, Tenon Medical is 1.85 times more volatile than Icecure Medical. It trades about -0.04 of its total potential returns per unit of risk. Icecure Medical is currently generating about 0.03 per unit of volatility. If you would invest 125.00 in Icecure Medical on November 7, 2024 and sell it today you would earn a total of 3.00 from holding Icecure Medical or generate 2.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.51% |
| Values | Daily Returns |
Tenon Medical vs. Icecure Medical
Performance |
| Timeline |
| Tenon Medical |
| Icecure Medical |
Tenon Medical and Icecure Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tenon Medical and Icecure Medical
The main advantage of trading using opposite Tenon Medical and Icecure Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tenon Medical 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.| Tenon Medical vs. Ainos Inc | Tenon Medical vs. STRATA Skin Sciences | Tenon Medical vs. Neuropace | Tenon Medical vs. Movano Inc |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |