Correlation Between Enovis Corp and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both Enovis Corp and Microbot 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 Enovis Corp and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enovis Corp and Microbot Medical, you can compare the effects of market volatilities on Enovis Corp and Microbot 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 Enovis Corp with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enovis Corp and Microbot Medical.
Diversification Opportunities for Enovis Corp and Microbot Medical
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Enovis and Microbot is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Enovis Corp and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and Enovis Corp 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 Enovis Corp are associated (or correlated) with Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of Enovis Corp i.e., Enovis Corp and Microbot Medical go up and down completely randomly.
Pair Corralation between Enovis Corp and Microbot Medical
Given the investment horizon of 90 days Enovis Corp is expected to generate 1.2 times less return on investment than Microbot Medical. But when comparing it to its historical volatility, Enovis Corp is 2.27 times less risky than Microbot Medical. It trades about 0.11 of its potential returns per unit of risk. Microbot Medical is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 245.00 in Microbot Medical on July 20, 2025 and sell it today you would earn a total of 31.00 from holding Microbot Medical or generate 12.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enovis Corp vs. Microbot Medical
Performance |
| Timeline |
| Enovis Corp |
| Microbot Medical |
Enovis Corp and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enovis Corp and Microbot Medical
The main advantage of trading using opposite Enovis Corp and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enovis Corp position performs unexpectedly, Microbot 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| Enovis Corp vs. Helios Technologies | Enovis Corp vs. Enpro Industries | Enovis Corp vs. Omega Flex | Enovis Corp vs. Luxfer Holdings PLC |
| Microbot Medical vs. Atossa Genetics | Microbot Medical vs. Sharps Technology | Microbot Medical vs. Avita Medical | Microbot Medical vs. Tevogen Bio Holdings |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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