Correlation Between Microbot Medical and Sharps Technology
Can any of the company-specific risk be diversified away by investing in both Microbot Medical and Sharps Technology 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 Sharps Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Microbot Medical and Sharps Technology, you can compare the effects of market volatilities on Microbot Medical and Sharps Technology 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 Sharps Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and Sharps Technology.
Diversification Opportunities for Microbot Medical and Sharps Technology
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Microbot and Sharps is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and Sharps Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharps Technology 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 Sharps Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharps Technology has no effect on the direction of Microbot Medical i.e., Microbot Medical and Sharps Technology go up and down completely randomly.
Pair Corralation between Microbot Medical and Sharps Technology
Given the investment horizon of 90 days Microbot Medical is expected to under-perform the Sharps Technology. But the stock apears to be less risky and, when comparing its historical volatility, Microbot Medical is 1.94 times less risky than Sharps Technology. The stock trades about -0.02 of its potential returns per unit of risk. The Sharps Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 603.00 in Sharps Technology on July 27, 2025 and sell it today you would lose (98.00) from holding Sharps Technology or give up 16.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Microbot Medical vs. Sharps Technology
Performance |
| Timeline |
| Microbot Medical |
| Sharps Technology |
Microbot Medical and Sharps Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and Sharps Technology
The main advantage of trading using opposite Microbot Medical and Sharps Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, Sharps Technology 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 Sharps Technology will offset losses from the drop in Sharps Technology's long position.| Microbot Medical vs. Atossa Genetics | Microbot Medical vs. Sharps Technology | Microbot Medical vs. Avita Medical | Microbot Medical vs. Tevogen Bio Holdings |
| Sharps Technology vs. Repro Med Systems | Sharps Technology vs. Microbot Medical | Sharps Technology vs. Owlet Inc | Sharps Technology vs. InfuSystems 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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