Correlation Between STAAR Surgical and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both STAAR Surgical and Microbot 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 STAAR Surgical and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between STAAR Surgical and Microbot Medical, you can compare the effects of market volatilities on STAAR Surgical and Microbot 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 STAAR Surgical with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of STAAR Surgical and Microbot Medical.
Diversification Opportunities for STAAR Surgical and Microbot Medical
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between STAAR and Microbot is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding STAAR Surgical and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and STAAR Surgical 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 STAAR Surgical are associated (or correlated) with Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of STAAR Surgical i.e., STAAR Surgical and Microbot Medical go up and down completely randomly.
Pair Corralation between STAAR Surgical and Microbot Medical
Given the investment horizon of 90 days STAAR Surgical is expected to generate 0.69 times more return on investment than Microbot Medical. However, STAAR Surgical is 1.46 times less risky than Microbot Medical. It trades about -0.04 of its potential returns per unit of risk. Microbot Medical is currently generating about -0.1 per unit of risk. If you would invest 2,675 in STAAR Surgical on September 25, 2025 and sell it today you would lose (304.00) from holding STAAR Surgical or give up 11.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
STAAR Surgical vs. Microbot Medical
Performance |
| Timeline |
| STAAR Surgical |
| Microbot Medical |
STAAR Surgical and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STAAR Surgical and Microbot Medical
The main advantage of trading using opposite STAAR Surgical and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STAAR Surgical position performs unexpectedly, Microbot 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| STAAR Surgical vs. Kestra Medical Technologies, | STAAR Surgical vs. Pulse Biosciences | STAAR Surgical vs. Novocure | STAAR Surgical vs. Azenta Inc |
| Microbot Medical vs. Vivani Medical | Microbot Medical vs. InspireMD | Microbot Medical vs. Oramed Pharmaceuticals | Microbot Medical vs. Context Therapeutics |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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