Correlation Between Beyond Air and Acutus Medical
Can any of the company-specific risk be diversified away by investing in both Beyond Air and Acutus Medical 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 Beyond Air and Acutus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Air and Acutus Medical, you can compare the effects of market volatilities on Beyond Air and Acutus 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 Beyond Air with a short position of Acutus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Air and Acutus Medical.
Diversification Opportunities for Beyond Air and Acutus Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beyond and Acutus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Air and Acutus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acutus Medical and Beyond Air 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 Beyond Air are associated (or correlated) with Acutus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acutus Medical has no effect on the direction of Beyond Air i.e., Beyond Air and Acutus Medical go up and down completely randomly.
Pair Corralation between Beyond Air and Acutus Medical
If you would invest (100.00) in Acutus Medical on November 29, 2024 and sell it today you would earn a total of 100.00 from holding Acutus Medical or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Beyond Air vs. Acutus Medical
Performance |
| Timeline |
| Beyond Air |
| Acutus Medical |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Beyond Air and Acutus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Air and Acutus Medical
The main advantage of trading using opposite Beyond Air and Acutus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Air position performs unexpectedly, Acutus 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 Acutus Medical will offset losses from the drop in Acutus Medical's long position.| Beyond Air vs. Lucid Diagnostics | Beyond Air vs. Inari Medical | Beyond Air vs. PAVmed Series Z | Beyond Air vs. Clearpoint Neuro |
| Acutus Medical vs. STRATA Skin Sciences | Acutus Medical vs. Axogen Inc | Acutus Medical vs. Ainos Inc | Acutus Medical vs. LENSAR Inc |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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