Correlation Between Beyond Air and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both Beyond Air 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 Beyond Air and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Air and Microbot Medical, you can compare the effects of market volatilities on Beyond Air 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 Beyond Air with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Air and Microbot Medical.
Diversification Opportunities for Beyond Air and Microbot Medical
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beyond and Microbot is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Air and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and Beyond Air 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 Beyond Air 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 Beyond Air i.e., Beyond Air and Microbot Medical go up and down completely randomly.
Pair Corralation between Beyond Air and Microbot Medical
Given the investment horizon of 90 days Beyond Air is expected to under-perform the Microbot Medical. In addition to that, Beyond Air is 1.46 times more volatile than Microbot Medical. It trades about -0.03 of its total potential returns per unit of risk. Microbot Medical is currently generating about -0.02 per unit of volatility. If you would invest 290.00 in Microbot Medical on July 27, 2025 and sell it today you would lose (48.00) from holding Microbot Medical or give up 16.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beyond Air vs. Microbot Medical
Performance |
| Timeline |
| Beyond Air |
| Microbot Medical |
Beyond Air and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Air and Microbot Medical
The main advantage of trading using opposite Beyond Air and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Air 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.| Beyond Air vs. ReWalk Robotics | Beyond Air vs. Allurion Technologies, | Beyond Air vs. Co Diagnostics | Beyond Air vs. enVVeno Medical Corp |
| Microbot Medical vs. Atossa Genetics | Microbot Medical vs. Sharps Technology | Microbot Medical vs. Avita Medical | Microbot Medical vs. Tevogen Bio 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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