Correlation Between NEXTERA and EnVVeno Medical
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By analyzing existing cross correlation between NEXTERA ENERGY CAPITAL and enVVeno Medical Corp, you can compare the effects of market volatilities on NEXTERA and EnVVeno 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 NEXTERA with a short position of EnVVeno Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEXTERA and EnVVeno Medical.
Diversification Opportunities for NEXTERA and EnVVeno Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NEXTERA and EnVVeno is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding NEXTERA ENERGY CAPITAL and enVVeno Medical Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on enVVeno Medical Corp and NEXTERA 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 NEXTERA ENERGY CAPITAL are associated (or correlated) with EnVVeno Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of enVVeno Medical Corp has no effect on the direction of NEXTERA i.e., NEXTERA and EnVVeno Medical go up and down completely randomly.
Pair Corralation between NEXTERA and EnVVeno Medical
Assuming the 90 days trading horizon NEXTERA ENERGY CAPITAL is expected to generate 0.15 times more return on investment than EnVVeno Medical. However, NEXTERA ENERGY CAPITAL is 6.6 times less risky than EnVVeno Medical. It trades about 0.01 of its potential returns per unit of risk. enVVeno Medical Corp is currently generating about 0.0 per unit of risk. If you would invest 8,430 in NEXTERA ENERGY CAPITAL on September 3, 2024 and sell it today you would earn a total of 45.00 from holding NEXTERA ENERGY CAPITAL or generate 0.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
NEXTERA ENERGY CAPITAL vs. enVVeno Medical Corp
Performance |
| Timeline |
| NEXTERA ENERGY CAPITAL |
| enVVeno Medical Corp |
NEXTERA and EnVVeno Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEXTERA and EnVVeno Medical
The main advantage of trading using opposite NEXTERA and EnVVeno Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEXTERA position performs unexpectedly, EnVVeno 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 EnVVeno Medical will offset losses from the drop in EnVVeno Medical's long position.| NEXTERA vs. Western Acquisition Ventures | NEXTERA vs. Griffon | NEXTERA vs. Lion One Metals | NEXTERA vs. Verra Mobility Corp |
| EnVVeno Medical vs. Ainos Inc | EnVVeno Medical vs. SurModics | EnVVeno Medical vs. LENSAR Inc | EnVVeno Medical vs. IRIDEX |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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