Correlation Between JIN MEDICAL and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both JIN MEDICAL 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 JIN MEDICAL and Microbot Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JIN MEDICAL INTERNATIONAL and Microbot Medical, you can compare the effects of market volatilities on JIN MEDICAL 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 JIN MEDICAL with a short position of Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of JIN MEDICAL and Microbot Medical.
Diversification Opportunities for JIN MEDICAL and Microbot Medical
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JIN and Microbot is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding JIN MEDICAL INTERNATIONAL and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical and JIN MEDICAL 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 JIN MEDICAL INTERNATIONAL 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 JIN MEDICAL i.e., JIN MEDICAL and Microbot Medical go up and down completely randomly.
Pair Corralation between JIN MEDICAL and Microbot Medical
Given the investment horizon of 90 days JIN MEDICAL INTERNATIONAL is expected to under-perform the Microbot Medical. In addition to that, JIN MEDICAL is 1.29 times more volatile than Microbot Medical. It trades about -0.01 of its total potential returns per unit of risk. Microbot Medical is currently generating about 0.11 per unit of volatility. If you would invest 166.00 in Microbot Medical on March 17, 2025 and sell it today you would earn a total of 68.00 from holding Microbot Medical or generate 40.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JIN MEDICAL INTERNATIONAL vs. Microbot Medical
Performance |
| Timeline |
| JIN MEDICAL INTERNATIONAL |
| Microbot Medical |
JIN MEDICAL and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JIN MEDICAL and Microbot Medical
The main advantage of trading using opposite JIN MEDICAL and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JIN MEDICAL 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.| JIN MEDICAL vs. Reservoir Media | JIN MEDICAL vs. KVH Industries | JIN MEDICAL vs. BioNTech SE | JIN MEDICAL vs. Uber Technologies |
| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
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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