Correlation Between OAKTRSPECLENDNEW and XTANT MEDICAL
Can any of the company-specific risk be diversified away by investing in both OAKTRSPECLENDNEW and XTANT 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 OAKTRSPECLENDNEW and XTANT MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OAKTRSPECLENDNEW and XTANT MEDICAL HLDGS, you can compare the effects of market volatilities on OAKTRSPECLENDNEW and XTANT 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 OAKTRSPECLENDNEW with a short position of XTANT MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of OAKTRSPECLENDNEW and XTANT MEDICAL.
Diversification Opportunities for OAKTRSPECLENDNEW and XTANT MEDICAL
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OAKTRSPECLENDNEW and XTANT is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding OAKTRSPECLENDNEW and XTANT MEDICAL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTANT MEDICAL HLDGS and OAKTRSPECLENDNEW 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 OAKTRSPECLENDNEW are associated (or correlated) with XTANT MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTANT MEDICAL HLDGS has no effect on the direction of OAKTRSPECLENDNEW i.e., OAKTRSPECLENDNEW and XTANT MEDICAL go up and down completely randomly.
Pair Corralation between OAKTRSPECLENDNEW and XTANT MEDICAL
Assuming the 90 days trading horizon OAKTRSPECLENDNEW is expected to generate 1.67 times less return on investment than XTANT MEDICAL. But when comparing it to its historical volatility, OAKTRSPECLENDNEW is 3.01 times less risky than XTANT MEDICAL. It trades about 0.03 of its potential returns per unit of risk. XTANT MEDICAL HLDGS is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 54.00 in XTANT MEDICAL HLDGS on September 2, 2025 and sell it today you would earn a total of 0.00 from holding XTANT MEDICAL HLDGS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OAKTRSPECLENDNEW vs. XTANT MEDICAL HLDGS
Performance |
| Timeline |
| OAKTRSPECLENDNEW |
| XTANT MEDICAL HLDGS |
OAKTRSPECLENDNEW and XTANT MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OAKTRSPECLENDNEW and XTANT MEDICAL
The main advantage of trading using opposite OAKTRSPECLENDNEW and XTANT MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OAKTRSPECLENDNEW position performs unexpectedly, XTANT 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 XTANT MEDICAL will offset losses from the drop in XTANT MEDICAL's long position.| OAKTRSPECLENDNEW vs. Apple Inc | OAKTRSPECLENDNEW vs. Apple Inc | OAKTRSPECLENDNEW vs. Apple Inc | OAKTRSPECLENDNEW vs. Apple Inc |
| XTANT MEDICAL vs. DIAMCOR MINING INC | XTANT MEDICAL vs. Tsingtao Brewery | XTANT MEDICAL vs. China Resources Beer | XTANT MEDICAL vs. FONIX MOBILE PLC |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |