Correlation Between Icecure Medical and Spectral
Can any of the company-specific risk be diversified away by investing in both Icecure Medical and Spectral 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 Icecure Medical and Spectral into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icecure Medical and Spectral AI, you can compare the effects of market volatilities on Icecure Medical and Spectral 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 Icecure Medical with a short position of Spectral. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icecure Medical and Spectral.
Diversification Opportunities for Icecure Medical and Spectral
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Icecure and Spectral is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Icecure Medical and Spectral AI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spectral AI and Icecure 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 Icecure Medical are associated (or correlated) with Spectral. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spectral AI has no effect on the direction of Icecure Medical i.e., Icecure Medical and Spectral go up and down completely randomly.
Pair Corralation between Icecure Medical and Spectral
Given the investment horizon of 90 days Icecure Medical is expected to under-perform the Spectral. But the stock apears to be less risky and, when comparing its historical volatility, Icecure Medical is 1.55 times less risky than Spectral. The stock trades about -0.19 of its potential returns per unit of risk. The Spectral AI is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 187.00 in Spectral AI on September 8, 2025 and sell it today you would lose (22.00) from holding Spectral AI or give up 11.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Icecure Medical vs. Spectral AI
Performance |
| Timeline |
| Icecure Medical |
| Spectral AI |
Icecure Medical and Spectral Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icecure Medical and Spectral
The main advantage of trading using opposite Icecure Medical and Spectral positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icecure Medical position performs unexpectedly, Spectral 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 Spectral will offset losses from the drop in Spectral's long position.| Icecure Medical vs. QITIAN Technology Group | Icecure Medical vs. Inspecs Group plc | Icecure Medical vs. MeHow Innovative Ltd | Icecure Medical vs. Beijing Wandong Medical |
| Spectral vs. Cyberfort Software | Spectral vs. Magic Software Enterprises | Spectral vs. Infinite Technology Corp | Spectral vs. Jinxin Technology Holding |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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