Correlation Between PFIZER and Xtant Medical
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By analyzing existing cross correlation between PFIZER INC and Xtant Medical Holdings, you can compare the effects of market volatilities on PFIZER 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 PFIZER with a short position of Xtant Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of PFIZER and Xtant Medical.
Diversification Opportunities for PFIZER and Xtant Medical
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PFIZER and Xtant is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding PFIZER INC 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 PFIZER 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 PFIZER INC 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 PFIZER i.e., PFIZER and Xtant Medical go up and down completely randomly.
Pair Corralation between PFIZER and Xtant Medical
Assuming the 90 days trading horizon PFIZER INC is expected to generate 0.25 times more return on investment than Xtant Medical. However, PFIZER INC is 3.94 times less risky than Xtant Medical. It trades about 0.17 of its potential returns per unit of risk. Xtant Medical Holdings is currently generating about -0.39 per unit of risk. If you would invest 9,567 in PFIZER INC on September 2, 2024 and sell it today you would earn a total of 275.00 from holding PFIZER INC or generate 2.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
PFIZER INC vs. Xtant Medical Holdings
Performance |
| Timeline |
| PFIZER INC |
| Xtant Medical Holdings |
PFIZER and Xtant Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PFIZER and Xtant Medical
The main advantage of trading using opposite PFIZER and Xtant Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PFIZER 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.| PFIZER vs. Xtant Medical Holdings | PFIZER vs. Allient | PFIZER vs. Paysafe | PFIZER vs. Merit Medical Systems |
| 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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