Correlation Between Intuitive Surgical and Nano Dimension
Can any of the company-specific risk be diversified away by investing in both Intuitive Surgical and Nano Dimension 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 Intuitive Surgical and Nano Dimension into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intuitive Surgical and Nano Dimension, you can compare the effects of market volatilities on Intuitive Surgical and Nano Dimension 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 Intuitive Surgical with a short position of Nano Dimension. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuitive Surgical and Nano Dimension.
Diversification Opportunities for Intuitive Surgical and Nano Dimension
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Intuitive and Nano is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Intuitive Surgical and Nano Dimension in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nano Dimension and Intuitive Surgical 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 Intuitive Surgical are associated (or correlated) with Nano Dimension. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nano Dimension has no effect on the direction of Intuitive Surgical i.e., Intuitive Surgical and Nano Dimension go up and down completely randomly.
Pair Corralation between Intuitive Surgical and Nano Dimension
Given the investment horizon of 90 days Intuitive Surgical is expected to under-perform the Nano Dimension. But the stock apears to be less risky and, when comparing its historical volatility, Intuitive Surgical is 1.77 times less risky than Nano Dimension. The stock trades about -0.17 of its potential returns per unit of risk. The Nano Dimension is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 155.00 in Nano Dimension on May 31, 2025 and sell it today you would lose (15.00) from holding Nano Dimension or give up 9.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intuitive Surgical vs. Nano Dimension
Performance |
| Timeline |
| Intuitive Surgical |
| Nano Dimension |
Intuitive Surgical and Nano Dimension Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuitive Surgical and Nano Dimension
The main advantage of trading using opposite Intuitive Surgical and Nano Dimension positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuitive Surgical position performs unexpectedly, Nano Dimension 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 Nano Dimension will offset losses from the drop in Nano Dimension's long position.| Intuitive Surgical vs. Repro Med Systems | Intuitive Surgical vs. InfuSystems Holdings | Intuitive Surgical vs. Milestone Scientific | Intuitive Surgical vs. Sysmex Corp |
| Nano Dimension vs. Stratasys | Nano Dimension vs. 3D Systems | Nano Dimension vs. HP Inc | Nano Dimension vs. Canaan Inc |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |