Correlation Between Creo Medical and Apyx Medical
Can any of the company-specific risk be diversified away by investing in both Creo Medical and Apyx Medical 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 Creo Medical and Apyx Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Creo Medical Group and Apyx Medical, you can compare the effects of market volatilities on Creo Medical 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 Creo Medical with a short position of Apyx Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Creo Medical and Apyx Medical.
Diversification Opportunities for Creo Medical and Apyx Medical
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Creo and Apyx is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Creo Medical Group and Apyx Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical and Creo 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 Creo Medical Group 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 Creo Medical i.e., Creo Medical and Apyx Medical go up and down completely randomly.
Pair Corralation between Creo Medical and Apyx Medical
Assuming the 90 days trading horizon Creo Medical Group is expected to under-perform the Apyx Medical. But the stock apears to be less risky and, when comparing its historical volatility, Creo Medical Group is 3.37 times less risky than Apyx Medical. The stock trades about -0.25 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 September 1, 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 | Weak |
| Accuracy | 96.97% |
| Values | Daily Returns |
Creo Medical Group vs. Apyx Medical
Performance |
| Timeline |
| Creo Medical Group |
| Apyx Medical |
Creo Medical and Apyx Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Creo Medical and Apyx Medical
The main advantage of trading using opposite Creo Medical and Apyx Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Creo Medical 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.| Creo Medical vs. Premier Foods PLC | Creo Medical vs. Associated British Foods | Creo Medical vs. MTI Wireless Edge | Creo Medical vs. Ebro Foods |
| Apyx Medical vs. Gamma Communications plc | Apyx Medical vs. Catalyst Metals Limited | Apyx Medical vs. Singapore Telecommunications Limited | Apyx Medical vs. CITIC Telecom International |
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 CEOs Directory module to screen CEOs from public companies around the world.
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