Correlation Between Beyond Air and Daxor
Can any of the company-specific risk be diversified away by investing in both Beyond Air and Daxor 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 Daxor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Air and Daxor, you can compare the effects of market volatilities on Beyond Air and Daxor 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 Daxor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Air and Daxor.
Diversification Opportunities for Beyond Air and Daxor
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beyond and Daxor is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Air and Daxor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daxor 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 Daxor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daxor has no effect on the direction of Beyond Air i.e., Beyond Air and Daxor go up and down completely randomly.
Pair Corralation between Beyond Air and Daxor
Given the investment horizon of 90 days Beyond Air is expected to under-perform the Daxor. In addition to that, Beyond Air is 2.18 times more volatile than Daxor. It trades about -0.03 of its total potential returns per unit of risk. Daxor is currently generating about -0.01 per unit of volatility. If you would invest 996.00 in Daxor on November 9, 2024 and sell it today you would lose (215.00) from holding Daxor or give up 21.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 97.38% |
| Values | Daily Returns |
Beyond Air vs. Daxor
Performance |
| Timeline |
| Beyond Air |
| Daxor |
Beyond Air and Daxor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Air and Daxor
The main advantage of trading using opposite Beyond Air and Daxor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Air position performs unexpectedly, Daxor 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 Daxor will offset losses from the drop in Daxor's long position.| Beyond Air vs. Lucid Diagnostics | Beyond Air vs. Inari Medical | Beyond Air vs. PAVmed Series Z | Beyond Air vs. Clearpoint Neuro |
| Daxor vs. InfuSystems Holdings | Daxor vs. Meihua International Medical | Daxor vs. Repro Med Systems | Daxor vs. LeMaitre Vascular |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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