Correlation Between CSLAU and Xtant Medical
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By analyzing existing cross correlation between CSLAU 405 27 APR 29 and Xtant Medical Holdings, you can compare the effects of market volatilities on CSLAU and Xtant 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 CSLAU with a short position of Xtant Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSLAU and Xtant Medical.
Diversification Opportunities for CSLAU and Xtant Medical
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CSLAU and Xtant is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding CSLAU 405 27 APR 29 and Xtant Medical Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xtant Medical Holdings and CSLAU 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 CSLAU 405 27 APR 29 are associated (or correlated) with Xtant Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xtant Medical Holdings has no effect on the direction of CSLAU i.e., CSLAU and Xtant Medical go up and down completely randomly.
Pair Corralation between CSLAU and Xtant Medical
Assuming the 90 days trading horizon CSLAU 405 27 APR 29 is expected to under-perform the Xtant Medical. But the bond apears to be less risky and, when comparing its historical volatility, CSLAU 405 27 APR 29 is 13.79 times less risky than Xtant Medical. The bond trades about -0.25 of its potential returns per unit of risk. The Xtant Medical Holdings is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 47.00 in Xtant Medical Holdings on November 3, 2024 and sell it today you would earn a total of 14.00 from holding Xtant Medical Holdings or generate 29.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
CSLAU 405 27 APR 29 vs. Xtant Medical Holdings
Performance |
| Timeline |
| CSLAU 405 27 |
| Xtant Medical Holdings |
CSLAU and Xtant Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSLAU and Xtant Medical
The main advantage of trading using opposite CSLAU and Xtant Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSLAU position performs unexpectedly, Xtant 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 Xtant Medical will offset losses from the drop in Xtant Medical's long position.| CSLAU vs. Hafnia Limited | CSLAU vs. Mesa Air Group | CSLAU vs. Southwest Airlines | CSLAU vs. Old Dominion Freight |
| Xtant Medical vs. Neuropace | Xtant Medical vs. Electromed | Xtant Medical vs. Orthopediatrics Corp | Xtant Medical vs. SurModics |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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