Correlation Between Occidental and Microbot Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Occidental Petroleum 645 and Microbot Medical, you can compare the effects of market volatilities on Occidental and Microbot 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 Occidental with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Occidental and Microbot Medical.
Diversification Opportunities for Occidental and Microbot Medical
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Occidental and Microbot is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Occidental Petroleum 645 and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and Occidental 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 Occidental Petroleum 645 are associated (or correlated) with Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of Occidental i.e., Occidental and Microbot Medical go up and down completely randomly.
Pair Corralation between Occidental and Microbot Medical
If you would invest 95.00 in Microbot Medical on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Microbot Medical or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Occidental Petroleum 645 vs. Microbot Medical
Performance |
| Timeline |
| Occidental Petroleum 645 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Microbot Medical |
Occidental and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Occidental and Microbot Medical
The main advantage of trading using opposite Occidental and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Occidental position performs unexpectedly, Microbot 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| Occidental vs. East Africa Metals | Occidental vs. Hafnia Limited | Occidental vs. Yuexiu Transport Infrastructure | Occidental vs. Sun Country Airlines |
| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |