Correlation Between Merit Medical and 694308KE6
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By analyzing existing cross correlation between Merit Medical Systems and PCG 495 08 JUN 25, you can compare the effects of market volatilities on Merit Medical and 694308KE6 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 Merit Medical with a short position of 694308KE6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Merit Medical and 694308KE6.
Diversification Opportunities for Merit Medical and 694308KE6
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Merit and 694308KE6 is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems and PCG 495 08 JUN 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCG 495 08 and Merit 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 Merit Medical Systems are associated (or correlated) with 694308KE6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCG 495 08 has no effect on the direction of Merit Medical i.e., Merit Medical and 694308KE6 go up and down completely randomly.
Pair Corralation between Merit Medical and 694308KE6
Given the investment horizon of 90 days Merit Medical Systems is expected to generate 3.54 times more return on investment than 694308KE6. However, Merit Medical is 3.54 times more volatile than PCG 495 08 JUN 25. It trades about -0.02 of its potential returns per unit of risk. PCG 495 08 JUN 25 is currently generating about -0.12 per unit of risk. If you would invest 10,000 in Merit Medical Systems on September 23, 2024 and sell it today you would lose (178.00) from holding Merit Medical Systems or give up 1.78% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 93.85% |
Values | Daily Returns |
Merit Medical Systems vs. PCG 495 08 JUN 25
Performance |
Timeline |
Merit Medical Systems |
PCG 495 08 |
Merit Medical and 694308KE6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Merit Medical and 694308KE6
The main advantage of trading using opposite Merit Medical and 694308KE6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Merit Medical position performs unexpectedly, 694308KE6 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 694308KE6 will offset losses from the drop in 694308KE6's long position.Merit Medical vs. Cigna Corp | Merit Medical vs. Definitive Healthcare Corp | Merit Medical vs. Guardant Health | Merit Medical vs. Laboratory of |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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