Correlation Between Pro Dex and MIND CTI
Can any of the company-specific risk be diversified away by investing in both Pro Dex and MIND CTI 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 Pro Dex and MIND CTI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pro Dex and MIND CTI, you can compare the effects of market volatilities on Pro Dex and MIND CTI 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 Pro Dex with a short position of MIND CTI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pro Dex and MIND CTI.
Diversification Opportunities for Pro Dex and MIND CTI
Poor diversification
The 3 months correlation between Pro and MIND is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Pro Dex and MIND CTI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MIND CTI and Pro Dex 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 Pro Dex are associated (or correlated) with MIND CTI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MIND CTI has no effect on the direction of Pro Dex i.e., Pro Dex and MIND CTI go up and down completely randomly.
Pair Corralation between Pro Dex and MIND CTI
Given the investment horizon of 90 days Pro Dex is expected to generate 1.95 times more return on investment than MIND CTI. However, Pro Dex is 1.95 times more volatile than MIND CTI. It trades about -0.08 of its potential returns per unit of risk. MIND CTI is currently generating about -0.16 per unit of risk. If you would invest 4,622 in Pro Dex on July 6, 2025 and sell it today you would lose (1,219) from holding Pro Dex or give up 26.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pro Dex vs. MIND CTI
Performance |
| Timeline |
| Pro Dex |
| MIND CTI |
Pro Dex and MIND CTI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pro Dex and MIND CTI
The main advantage of trading using opposite Pro Dex and MIND CTI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pro Dex position performs unexpectedly, MIND CTI 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 MIND CTI will offset losses from the drop in MIND CTI's long position.| Pro Dex vs. Dynatronics | Pro Dex vs. Electromed | Pro Dex vs. InfuSystems Holdings | Pro Dex vs. Repro Med Systems |
| MIND CTI vs. Omniq Corp | MIND CTI vs. Evolving Systems | MIND CTI vs. Aware Inc | MIND CTI vs. Creative Realities |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |