Correlation Between Xtant Medical and SIMON
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By analyzing existing cross correlation between Xtant Medical Holdings and SIMON PROPERTY GROUP, you can compare the effects of market volatilities on Xtant Medical and SIMON 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 Xtant Medical with a short position of SIMON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtant Medical and SIMON.
Diversification Opportunities for Xtant Medical and SIMON
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xtant and SIMON is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Xtant Medical Holdings and SIMON PROPERTY GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIMON PROPERTY GROUP and Xtant Medical 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 Xtant Medical Holdings are associated (or correlated) with SIMON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIMON PROPERTY GROUP has no effect on the direction of Xtant Medical i.e., Xtant Medical and SIMON go up and down completely randomly.
Pair Corralation between Xtant Medical and SIMON
Given the investment horizon of 90 days Xtant Medical Holdings is expected to under-perform the SIMON. In addition to that, Xtant Medical is 3.49 times more volatile than SIMON PROPERTY GROUP. It trades about -0.4 of its total potential returns per unit of risk. SIMON PROPERTY GROUP is currently generating about 0.12 per unit of volatility. If you would invest 7,633 in SIMON PROPERTY GROUP on September 3, 2024 and sell it today you would earn a total of 167.00 from holding SIMON PROPERTY GROUP or generate 2.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Xtant Medical Holdings vs. SIMON PROPERTY GROUP
Performance |
| Timeline |
| Xtant Medical Holdings |
| SIMON PROPERTY GROUP |
Xtant Medical and SIMON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtant Medical and SIMON
The main advantage of trading using opposite Xtant Medical and SIMON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtant Medical position performs unexpectedly, SIMON 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 SIMON will offset losses from the drop in SIMON's long position.| 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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