Correlation Between Aspira Womens and Microsoft

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

Diversification Opportunities for Aspira Womens and Microsoft

  Correlation Coefficient

Very weak diversification

The 3 months correlation between Aspira and Microsoft is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Aspira Womens Health and Microsoft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microsoft and Aspira Womens 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 Womens Health are associated (or correlated) with Microsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microsoft has no effect on the direction of Aspira Womens i.e., Aspira Womens and Microsoft go up and down completely randomly.

Pair Corralation between Aspira Womens and Microsoft

Considering the 90-day investment horizon Aspira Womens Health is expected to under-perform the Microsoft. In addition to that, Aspira Womens is 1.77 times more volatile than Microsoft. It trades about -0.04 of its total potential returns per unit of risk. Microsoft is currently generating about 0.29 per unit of volatility. If you would invest  22,077  in Microsoft on September 5, 2022 and sell it today you would earn a total of  3,425  from holding Microsoft or generate 15.51% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Aspira Womens Health  vs.  Microsoft

 Performance (%) 
Aspira Womens Health 
Aspira Performance
0 of 100
Over the last 90 days Aspira Womens Health has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in January 2023. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Aspira Price Channel

Microsoft Performance
1 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Microsoft are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable technical and fundamental indicators, Microsoft is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Microsoft Price Channel

Aspira Womens and Microsoft Volatility Contrast

   Predicted Return Density   

Pair Trading with Aspira Womens and Microsoft

The main advantage of trading using opposite Aspira Womens and Microsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aspira Womens position performs unexpectedly, Microsoft 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 Microsoft will offset losses from the drop in Microsoft's long position.
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The idea behind Aspira Womens Health and Microsoft 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.
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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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

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