Correlation Between Aspira Womans and Aeon Global

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

Diversification Opportunities for Aspira Womans and Aeon Global

  Correlation Coefficient

Very weak diversification

The 3 months correlation between Aspira and Aeon Global is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Aspira Womans Health and Aeon Global Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aeon Global Health and Aspira Womans 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 Aspira Womans Health are associated (or correlated) with Aeon Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aeon Global Health has no effect on the direction of Aspira Womans i.e., Aspira Womans and Aeon Global go up and down completely randomly.

Pair Corralation between Aspira Womans and Aeon Global

Considering the 90-day investment horizon Aspira Womans Health is expected to under-perform the Aeon Global. But the stock apears to be less risky and, when comparing its historical volatility, Aspira Womans Health is 12.58 times less risky than Aeon Global. The stock trades about -0.01 of its potential returns per unit of risk. The Aeon Global Health is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  4.80  in Aeon Global Health on April 8, 2022 and sell it today you would lose (4.79)  from holding Aeon Global Health or give up 99.79% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Aspira Womans Health  vs.  Aeon Global Health

 Performance (%) 
Aspira Womans Health 
Aspira Performance
3 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Aspira Womans Health are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly weak basic indicators, Aspira Womans reported solid returns over the last few months and may actually be approaching a breakup point.

Structure and Payout Changes

Last Split Factor
Last Split Date

Aspira Price Channel

Aeon Global Health 
Aeon Global Performance
0 of 100
Over the last 90 days Aeon Global Health has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat weak technical indicators, Aeon Global sustained solid returns over the last few months and may actually be approaching a breakup point.

Aspira Womans and Aeon Global Volatility Contrast

 Predicted Return Density 

Pair Trading with Aspira Womans and Aeon Global

The main advantage of trading using opposite Aspira Womans and Aeon Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aspira Womans position performs unexpectedly, Aeon Global 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 Aeon Global will offset losses from the drop in Aeon Global's long position.
The idea behind Aspira Womans Health and Aeon Global Health 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.

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