Correlation Between Aspira Womans and Aeon Global

Specify exactly 2 symbols:
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

0.53
  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 
StrengthWeak
Accuracy77.1%
ValuesDaily Returns

Aspira Womans Health  vs.  Aeon Global Health

 Performance (%) 
      Timeline 
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
1:10
Last Split Date
2008-03-04

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 
      Returns 

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.

Other Complementary Tools

Watchlist Optimization
Optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm
Go
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Portfolio Suggestion
Get suggestions outside of your existing asset allocation including your own model portfolios
Go
Portfolio Comparator
Compare the composition, asset allocations and performance of any two portfolios in your account
Go
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Go
Portfolio Volatility
Check portfolio volatility and analyze historical return density to properly model market risk
Go
Instant Ratings
Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Go
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Go
Fundamental Analysis
View fundamental data based on most recent published financial statements
Go
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Go