Correlation Between LENSAR and 6325C0EA5
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By analyzing existing cross correlation between LENSAR Inc and NAB 4891583 12 JAN 25, you can compare the effects of market volatilities on LENSAR and 6325C0EA5 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 LENSAR with a short position of 6325C0EA5. Check out your portfolio center. Please also check ongoing floating volatility patterns of LENSAR and 6325C0EA5.
Diversification Opportunities for LENSAR and 6325C0EA5
Very good diversification
The 3 months correlation between LENSAR and 6325C0EA5 is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding LENSAR Inc and NAB 4891583 12 JAN 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAB 4891583 12 and LENSAR 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 LENSAR Inc are associated (or correlated) with 6325C0EA5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAB 4891583 12 has no effect on the direction of LENSAR i.e., LENSAR and 6325C0EA5 go up and down completely randomly.
Pair Corralation between LENSAR and 6325C0EA5
Given the investment horizon of 90 days LENSAR Inc is expected to generate 14.54 times more return on investment than 6325C0EA5. However, LENSAR is 14.54 times more volatile than NAB 4891583 12 JAN 25. It trades about 0.21 of its potential returns per unit of risk. NAB 4891583 12 JAN 25 is currently generating about -0.23 per unit of risk. If you would invest 437.00 in LENSAR Inc on September 23, 2024 and sell it today you would earn a total of 333.00 from holding LENSAR Inc or generate 76.2% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 30.77% |
Values | Daily Returns |
LENSAR Inc vs. NAB 4891583 12 JAN 25
Performance |
Timeline |
LENSAR Inc |
NAB 4891583 12 |
LENSAR and 6325C0EA5 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with LENSAR and 6325C0EA5
The main advantage of trading using opposite LENSAR and 6325C0EA5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LENSAR position performs unexpectedly, 6325C0EA5 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 6325C0EA5 will offset losses from the drop in 6325C0EA5's long position.LENSAR vs. Cigna Corp | LENSAR vs. Definitive Healthcare Corp | LENSAR vs. Guardant Health | LENSAR vs. Laboratory of |
6325C0EA5 vs. Xtant Medical Holdings | 6325C0EA5 vs. The Joint Corp | 6325C0EA5 vs. LENSAR Inc | 6325C0EA5 vs. Merit Medical Systems |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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