Correlation Between Tenon Medical and Vivos Therapeutics
Can any of the company-specific risk be diversified away by investing in both Tenon Medical and Vivos 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 Tenon Medical and Vivos Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tenon Medical and Vivos Therapeutics, you can compare the effects of market volatilities on Tenon Medical and Vivos 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 Tenon Medical with a short position of Vivos Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tenon Medical and Vivos Therapeutics.
Diversification Opportunities for Tenon Medical and Vivos Therapeutics
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tenon and Vivos is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Tenon Medical and Vivos Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vivos Therapeutics 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 Vivos Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vivos Therapeutics has no effect on the direction of Tenon Medical i.e., Tenon Medical and Vivos Therapeutics go up and down completely randomly.
Pair Corralation between Tenon Medical and Vivos Therapeutics
Given the investment horizon of 90 days Tenon Medical is expected to under-perform the Vivos Therapeutics. In addition to that, Tenon Medical is 1.57 times more volatile than Vivos Therapeutics. It trades about -0.02 of its total potential returns per unit of risk. Vivos Therapeutics is currently generating about 0.09 per unit of volatility. If you would invest 261.00 in Vivos Therapeutics on November 2, 2024 and sell it today you would earn a total of 132.00 from holding Vivos Therapeutics or generate 50.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tenon Medical vs. Vivos Therapeutics
Performance |
| Timeline |
| Tenon Medical |
| Vivos Therapeutics |
Tenon Medical and Vivos Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tenon Medical and Vivos Therapeutics
The main advantage of trading using opposite Tenon Medical and Vivos Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tenon Medical position performs unexpectedly, Vivos 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 Vivos Therapeutics will offset losses from the drop in Vivos Therapeutics' long position.| Tenon Medical vs. Ainos Inc | Tenon Medical vs. STRATA Skin Sciences | Tenon Medical vs. Neuropace | Tenon Medical vs. Movano Inc |
| Vivos Therapeutics vs. Bone Biologics Corp | Vivos Therapeutics vs. Tivic Health Systems | Vivos Therapeutics vs. Bluejay Diagnostics | Vivos Therapeutics vs. Rapid Micro Biosystems |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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