Correlation Between Beyond Medical and Cogent Communications
Can any of the company-specific risk be diversified away by investing in both Beyond Medical and Cogent Communications 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 Beyond Medical and Cogent Communications into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Medical Technologies and Cogent Communications Group, you can compare the effects of market volatilities on Beyond Medical and Cogent Communications 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 Beyond Medical with a short position of Cogent Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Medical and Cogent Communications.
Diversification Opportunities for Beyond Medical and Cogent Communications
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beyond and Cogent is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Medical Technologies and Cogent Communications Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cogent Communications and Beyond 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 Beyond Medical Technologies are associated (or correlated) with Cogent Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cogent Communications has no effect on the direction of Beyond Medical i.e., Beyond Medical and Cogent Communications go up and down completely randomly.
Pair Corralation between Beyond Medical and Cogent Communications
Assuming the 90 days horizon Beyond Medical Technologies is expected to generate 10.74 times more return on investment than Cogent Communications. However, Beyond Medical is 10.74 times more volatile than Cogent Communications Group. It trades about 0.12 of its potential returns per unit of risk. Cogent Communications Group is currently generating about -0.11 per unit of risk. If you would invest 45.00 in Beyond Medical Technologies on August 14, 2025 and sell it today you would lose (16.00) from holding Beyond Medical Technologies or give up 35.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Beyond Medical Technologies vs. Cogent Communications Group
Performance |
| Timeline |
| Beyond Medical Techn |
| Cogent Communications |
Beyond Medical and Cogent Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Medical and Cogent Communications
The main advantage of trading using opposite Beyond Medical and Cogent Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Medical position performs unexpectedly, Cogent Communications 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 Cogent Communications will offset losses from the drop in Cogent Communications' long position.| Beyond Medical vs. Sharc International Systems | Beyond Medical vs. Bion Environmental Technologies | Beyond Medical vs. Questor Technology | Beyond Medical vs. Environmmtl Tectonic |
| Cogent Communications vs. Walt Disney | Cogent Communications vs. Sitka Gold Corp | Cogent Communications vs. MSCI ACWI exAUCONSUMER | Cogent Communications vs. Sycamore Entmt Grp |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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