Correlation Between Blue Sail and Apyx Medical
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By analyzing existing cross correlation between Blue Sail Medical and Apyx Medical, you can compare the effects of market volatilities on Blue Sail and Apyx 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 Blue Sail with a short position of Apyx Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Apyx Medical.
Diversification Opportunities for Blue Sail and Apyx Medical
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Apyx is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical and Apyx Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical and Blue Sail 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 Blue Sail Medical are associated (or correlated) with Apyx Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apyx Medical has no effect on the direction of Blue Sail i.e., Blue Sail and Apyx Medical go up and down completely randomly.
Pair Corralation between Blue Sail and Apyx Medical
Assuming the 90 days trading horizon Blue Sail Medical is expected to under-perform the Apyx Medical. But the stock apears to be less risky and, when comparing its historical volatility, Blue Sail Medical is 4.26 times less risky than Apyx Medical. The stock trades about -0.05 of its potential returns per unit of risk. The Apyx Medical is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 192.00 in Apyx Medical on August 31, 2025 and sell it today you would earn a total of 209.00 from holding Apyx Medical or generate 108.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.65% |
| Values | Daily Returns |
Blue Sail Medical vs. Apyx Medical
Performance |
| Timeline |
| Blue Sail Medical |
| Apyx Medical |
Blue Sail and Apyx Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Apyx Medical
The main advantage of trading using opposite Blue Sail and Apyx Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail position performs unexpectedly, Apyx 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 Apyx Medical will offset losses from the drop in Apyx Medical's long position.| Blue Sail vs. Shantui Construction Machinery | Blue Sail vs. Masterwork Machinery | Blue Sail vs. Jinlong Machinery Electronic | Blue Sail vs. Tongling Nonferrous Metals |
| Apyx Medical vs. Evertz Technologies Limited | Apyx Medical vs. Nascent Wine | Apyx Medical vs. NanoTech Entertainment | Apyx Medical vs. KNOT Offshore Partners |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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