Correlation Between Accelerate Diagnosti and Aspira Womans

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

Diversification Opportunities for Accelerate Diagnosti and Aspira Womans

  Correlation Coefficient

Significant diversification

The 3 months correlation between Accelerate and Aspira is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Accelerate Diagnosti and Aspira Womans Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aspira Womans Health and Accelerate Diagnosti 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 Accelerate Diagnosti are associated (or correlated) with Aspira Womans. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aspira Womans Health has no effect on the direction of Accelerate Diagnosti i.e., Accelerate Diagnosti and Aspira Womans go up and down completely randomly.

Pair Corralation between Accelerate Diagnosti and Aspira Womans

Given the investment horizon of 90 days Accelerate Diagnosti is expected to generate 1.19 times more return on investment than Aspira Womans. However, Accelerate Diagnosti is 1.19 times more volatile than Aspira Womans Health. It trades about -0.02 of its potential returns per unit of risk. Aspira Womans Health is currently generating about -0.04 per unit of risk. If you would invest  1,143  in Accelerate Diagnosti on July 6, 2022 and sell it today you would lose (1,000.00)  from holding Accelerate Diagnosti or give up 87.49% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Accelerate Diagnosti  vs.  Aspira Womans Health

 Performance (%) 
Accelerate Diagnosti 
Accelerate Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Accelerate Diagnosti are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unsteady fundamental indicators, Accelerate Diagnosti showed solid returns over the last few months and may actually be approaching a breakup point.

Accelerate Price Channel

Aspira Womans Health 
Aspira Performance
0 of 100
Over the last 90 days Aspira Womans Health has generated negative risk-adjusted returns adding no value to investors with long positions. Despite uncertain performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in November 2022. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Aspira Price Channel

Accelerate Diagnosti and Aspira Womans Volatility Contrast

   Predicted Return Density   

Pair Trading with Accelerate Diagnosti and Aspira Womans

The main advantage of trading using opposite Accelerate Diagnosti and Aspira Womans positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Accelerate Diagnosti position performs unexpectedly, Aspira Womans 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 Aspira Womans will offset losses from the drop in Aspira Womans' long position.
Accelerate Diagnosti vs. General Electric
The idea behind Accelerate Diagnosti and Aspira Womans 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.
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.

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