Correlation Between Minerva Surgical and Bullfrog
Can any of the company-specific risk be diversified away by investing in both Minerva Surgical and Bullfrog at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Minerva Surgical and Bullfrog into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Minerva Surgical and Bullfrog AI Holdings,, you can compare the effects of market volatilities on Minerva Surgical and Bullfrog 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 Minerva Surgical with a short position of Bullfrog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minerva Surgical and Bullfrog.
Diversification Opportunities for Minerva Surgical and Bullfrog
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Minerva and Bullfrog is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Minerva Surgical and Bullfrog AI Holdings, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bullfrog AI Holdings, and Minerva Surgical 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 Minerva Surgical are associated (or correlated) with Bullfrog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bullfrog AI Holdings, has no effect on the direction of Minerva Surgical i.e., Minerva Surgical and Bullfrog go up and down completely randomly.
Pair Corralation between Minerva Surgical and Bullfrog
Given the investment horizon of 90 days Minerva Surgical is expected to generate 2.46 times less return on investment than Bullfrog. But when comparing it to its historical volatility, Minerva Surgical is 3.58 times less risky than Bullfrog. It trades about 0.07 of its potential returns per unit of risk. Bullfrog AI Holdings, is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 0.00 in Bullfrog AI Holdings, on August 29, 2024 and sell it today you would earn a total of 214.00 from holding Bullfrog AI Holdings, or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 33.55% |
| Values | Daily Returns |
Minerva Surgical vs. Bullfrog AI Holdings,
Performance |
| Timeline |
| Minerva Surgical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bullfrog AI Holdings, |
Minerva Surgical and Bullfrog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Minerva Surgical and Bullfrog
The main advantage of trading using opposite Minerva Surgical and Bullfrog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minerva Surgical position performs unexpectedly, Bullfrog 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 Bullfrog will offset losses from the drop in Bullfrog's long position.| Minerva Surgical vs. Dermata Therapeutics | Minerva Surgical vs. Akanda Corp | Minerva Surgical vs. Transcode Therapeutics |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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