Correlation Between COOPERATIEVE and Merit Medical
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By analyzing existing cross correlation between COOPERATIEVE CENTRALE RAIFFEISEN and Merit Medical Systems, you can compare the effects of market volatilities on COOPERATIEVE and Merit 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 COOPERATIEVE with a short position of Merit Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of COOPERATIEVE and Merit Medical.
Diversification Opportunities for COOPERATIEVE and Merit Medical
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between COOPERATIEVE and Merit is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding COOPERATIEVE CENTRALE RAIFFEIS and Merit Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Merit Medical Systems and COOPERATIEVE 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 COOPERATIEVE CENTRALE RAIFFEISEN are associated (or correlated) with Merit Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Merit Medical Systems has no effect on the direction of COOPERATIEVE i.e., COOPERATIEVE and Merit Medical go up and down completely randomly.
Pair Corralation between COOPERATIEVE and Merit Medical
Assuming the 90 days trading horizon COOPERATIEVE CENTRALE RAIFFEISEN is expected to under-perform the Merit Medical. But the bond apears to be less risky and, when comparing its historical volatility, COOPERATIEVE CENTRALE RAIFFEISEN is 1.45 times less risky than Merit Medical. The bond trades about -0.2 of its potential returns per unit of risk. The Merit Medical Systems is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 9,761 in Merit Medical Systems on October 24, 2024 and sell it today you would earn a total of 529.00 from holding Merit Medical Systems or generate 5.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
COOPERATIEVE CENTRALE RAIFFEIS vs. Merit Medical Systems
Performance |
| Timeline |
| COOPERATIEVE CENTRALE |
| Merit Medical Systems |
COOPERATIEVE and Merit Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COOPERATIEVE and Merit Medical
The main advantage of trading using opposite COOPERATIEVE and Merit Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COOPERATIEVE position performs unexpectedly, Merit 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 Merit Medical will offset losses from the drop in Merit Medical's long position.| COOPERATIEVE vs. Merit Medical Systems | COOPERATIEVE vs. Nyxoah | COOPERATIEVE vs. Tesla Inc | COOPERATIEVE vs. Radcom |
| Merit Medical vs. Teleflex Incorporated | Merit Medical vs. The Cooper Companies, | Merit Medical vs. West Pharmaceutical Services | Merit Medical vs. ICU 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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