Correlation Between NTG Nordic and XTANT MEDICAL
Can any of the company-specific risk be diversified away by investing in both NTG Nordic and XTANT 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 NTG Nordic and XTANT MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NTG Nordic Transport and XTANT MEDICAL HLDGS, you can compare the effects of market volatilities on NTG Nordic and XTANT 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 NTG Nordic with a short position of XTANT MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of NTG Nordic and XTANT MEDICAL.
Diversification Opportunities for NTG Nordic and XTANT MEDICAL
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between NTG and XTANT is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding NTG Nordic Transport and XTANT MEDICAL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTANT MEDICAL HLDGS and NTG Nordic 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 NTG Nordic Transport are associated (or correlated) with XTANT MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTANT MEDICAL HLDGS has no effect on the direction of NTG Nordic i.e., NTG Nordic and XTANT MEDICAL go up and down completely randomly.
Pair Corralation between NTG Nordic and XTANT MEDICAL
Assuming the 90 days trading horizon NTG Nordic Transport is expected to generate 0.46 times more return on investment than XTANT MEDICAL. However, NTG Nordic Transport is 2.16 times less risky than XTANT MEDICAL. It trades about 0.02 of its potential returns per unit of risk. XTANT MEDICAL HLDGS is currently generating about 0.0 per unit of risk. If you would invest 2,375 in NTG Nordic Transport on September 4, 2025 and sell it today you would earn a total of 45.00 from holding NTG Nordic Transport or generate 1.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NTG Nordic Transport vs. XTANT MEDICAL HLDGS
Performance |
| Timeline |
| NTG Nordic Transport |
| XTANT MEDICAL HLDGS |
NTG Nordic and XTANT MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NTG Nordic and XTANT MEDICAL
The main advantage of trading using opposite NTG Nordic and XTANT MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NTG Nordic position performs unexpectedly, XTANT 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 XTANT MEDICAL will offset losses from the drop in XTANT MEDICAL's long position.| NTG Nordic vs. Sporttotal AG | NTG Nordic vs. USWE SPORTS AB | NTG Nordic vs. UNIQA INSURANCE GR | NTG Nordic vs. ZURICH INSURANCE GROUP |
| XTANT MEDICAL vs. GRUPO CARSO A1 | XTANT MEDICAL vs. NTG Nordic Transport | XTANT MEDICAL vs. GEELY AUTOMOBILE | XTANT MEDICAL vs. TRAINLINE PLC LS |
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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