Correlation Between Spectral and Icecure Medical
Can any of the company-specific risk be diversified away by investing in both Spectral and Icecure 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 Spectral and Icecure Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spectral AI and Icecure Medical, you can compare the effects of market volatilities on Spectral and Icecure 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 Spectral with a short position of Icecure Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spectral and Icecure Medical.
Diversification Opportunities for Spectral and Icecure Medical
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Spectral and Icecure is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Spectral AI and Icecure Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icecure Medical and Spectral 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 Spectral AI are associated (or correlated) with Icecure Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icecure Medical has no effect on the direction of Spectral i.e., Spectral and Icecure Medical go up and down completely randomly.
Pair Corralation between Spectral and Icecure Medical
Given the investment horizon of 90 days Spectral AI is expected to under-perform the Icecure Medical. In addition to that, Spectral is 1.05 times more volatile than Icecure Medical. It trades about -0.1 of its total potential returns per unit of risk. Icecure Medical is currently generating about -0.03 per unit of volatility. If you would invest 86.00 in Icecure Medical on August 19, 2025 and sell it today you would lose (12.00) from holding Icecure Medical or give up 13.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spectral AI vs. Icecure Medical
Performance |
| Timeline |
| Spectral AI |
| Icecure Medical |
Spectral and Icecure Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spectral and Icecure Medical
The main advantage of trading using opposite Spectral and Icecure Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spectral position performs unexpectedly, Icecure 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 Icecure Medical will offset losses from the drop in Icecure Medical's long position.| Spectral vs. Icecure Medical | Spectral vs. Tela Bio | Spectral vs. Cytosorbents Crp | Spectral vs. Sensus Healthcare |
| Icecure Medical vs. Spectral AI | Icecure Medical vs. Cytosorbents Crp | Icecure Medical vs. Tela Bio | Icecure Medical vs. Sensus Healthcare |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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