Correlation Between DocGo and LENSAR

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Can any of the company-specific risk be diversified away by investing in both DocGo and LENSAR 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 DocGo and LENSAR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DocGo Inc and LENSAR Inc, you can compare the effects of market volatilities on DocGo and LENSAR 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 DocGo with a short position of LENSAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of DocGo and LENSAR.

Diversification Opportunities for DocGo and LENSAR

0.61
  Correlation Coefficient

Poor diversification

The 3 months correlation between DocGo and LENSAR is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding DocGo Inc and LENSAR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LENSAR Inc and DocGo 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 DocGo Inc are associated (or correlated) with LENSAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LENSAR Inc has no effect on the direction of DocGo i.e., DocGo and LENSAR go up and down completely randomly.

Pair Corralation between DocGo and LENSAR

Given the investment horizon of 90 days DocGo Inc is expected to under-perform the LENSAR. In addition to that, DocGo is 2.35 times more volatile than LENSAR Inc. It trades about -0.14 of its total potential returns per unit of risk. LENSAR Inc is currently generating about -0.16 per unit of volatility. If you would invest  1,259  in LENSAR Inc on August 26, 2025 and sell it today you would lose (276.00) from holding LENSAR Inc or give up 21.92% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

DocGo Inc  vs.  LENSAR Inc

 Performance 
       Timeline  
DocGo Inc 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days DocGo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's technical and fundamental indicators remain very healthy which may send shares a bit higher in December 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
LENSAR Inc 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days LENSAR Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with uncertain performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in December 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

DocGo and LENSAR Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with DocGo and LENSAR

The main advantage of trading using opposite DocGo and LENSAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DocGo position performs unexpectedly, LENSAR 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 LENSAR will offset losses from the drop in LENSAR's long position.
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The idea behind DocGo Inc and LENSAR Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

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