Correlation Between Microbot Medical and Greenwich Lifesciences
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and Greenwich Lifesciences 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 Microbot Medical and Greenwich Lifesciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and Greenwich Lifesciences, you can compare the effects of market volatilities on Microbot Medical and Greenwich Lifesciences 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 Microbot Medical with a short position of Greenwich Lifesciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and Greenwich Lifesciences.
Diversification Opportunities for Microbot Medical and Greenwich Lifesciences
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Microbot and Greenwich is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and Greenwich Lifesciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenwich Lifesciences and Microbot 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 Microbot Medical are associated (or correlated) with Greenwich Lifesciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenwich Lifesciences has no effect on the direction of Microbot Medical i.e., Microbot Medical and Greenwich Lifesciences go up and down completely randomly.
Pair Corralation between Microbot Medical and Greenwich Lifesciences
Given the investment horizon of 90 days Microbot Medical is expected to generate 3.62 times less return on investment than Greenwich Lifesciences. In addition to that, Microbot Medical is 1.36 times more volatile than Greenwich Lifesciences. It trades about 0.08 of its total potential returns per unit of risk. Greenwich Lifesciences is currently generating about 0.4 per unit of volatility. If you would invest 813.00 in Greenwich Lifesciences on September 20, 2025 and sell it today you would earn a total of 426.00 from holding Greenwich Lifesciences or generate 52.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Microbot Medical vs. Greenwich Lifesciences
Performance |
| Timeline |
| Microbot Medical |
| Greenwich Lifesciences |
Microbot Medical and Greenwich Lifesciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and Greenwich Lifesciences
The main advantage of trading using opposite Microbot Medical and Greenwich Lifesciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, Greenwich Lifesciences 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 Greenwich Lifesciences will offset losses from the drop in Greenwich Lifesciences' long position.| Microbot Medical vs. Vivani Medical | Microbot Medical vs. InspireMD | Microbot Medical vs. Oramed Pharmaceuticals | Microbot Medical vs. Context Therapeutics |
| Greenwich Lifesciences vs. Cognition Therapeutics | Greenwich Lifesciences vs. Atossa Genetics | Greenwich Lifesciences vs. Tevogen Bio Holdings | Greenwich Lifesciences vs. Oncolytics Biotech |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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