Correlation Between Augmedix and Icad

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Can any of the company-specific risk be diversified away by investing in both Augmedix and Icad 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 Augmedix and Icad into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Augmedix and Icad Inc, you can compare the effects of market volatilities on Augmedix and Icad 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 Augmedix with a short position of Icad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Augmedix and Icad.

Diversification Opportunities for Augmedix and Icad

-0.49
  Correlation Coefficient

Very good diversification

The 3 months correlation between Augmedix and Icad is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Augmedix and Icad Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icad Inc and Augmedix 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 Augmedix are associated (or correlated) with Icad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icad Inc has no effect on the direction of Augmedix i.e., Augmedix and Icad go up and down completely randomly.

Pair Corralation between Augmedix and Icad

Given the investment horizon of 90 days Augmedix is expected to generate 2.3 times more return on investment than Icad. However, Augmedix is 2.3 times more volatile than Icad Inc. It trades about 0.01 of its potential returns per unit of risk. Icad Inc is currently generating about -0.03 per unit of risk. If you would invest  500.00  in Augmedix on May 12, 2022 and sell it today you would lose (335.00)  from holding Augmedix or give up 67.0% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy69.01%
ValuesDaily Returns

Augmedix  vs.  Icad Inc

 Performance (%) 
       Timeline  
Augmedix 
Augmedix Performance
0 of 100
Over the last 90 days Augmedix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in September 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Augmedix Price Channel

Icad Inc 
Icad Performance
3 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Icad Inc are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak basic indicators, Icad may actually be approaching a critical reversion point that can send shares even higher in September 2022.

Icad Price Channel

Augmedix and Icad Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Augmedix and Icad

The main advantage of trading using opposite Augmedix and Icad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Augmedix position performs unexpectedly, Icad 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 Icad will offset losses from the drop in Icad's long position.
The idea behind Augmedix and Icad Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

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