Correlation Between Icecure Medical and PetVivo Holdings

Can any of the company-specific risk be diversified away by investing in both Icecure Medical and PetVivo Holdings 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 Icecure Medical and PetVivo Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Icecure Medical and PetVivo Holdings, you can compare the effects of market volatilities on Icecure Medical and PetVivo Holdings 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 Icecure Medical with a short position of PetVivo Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icecure Medical and PetVivo Holdings.

Diversification Opportunities for Icecure Medical and PetVivo Holdings

0.0

Correlation Coefficient

Icecure Medical  PetVivo Holdings

Pay attention - limited upside

The 3 months correlation between Icecure and PetVivo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Icecure Medical and PetVivo Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetVivo Holdings and Icecure Medical 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 Icecure Medical are associated (or correlated) with PetVivo Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetVivo Holdings has no effect on the direction of Icecure Medical i.e., Icecure Medical and PetVivo Holdings go up and down completely randomly.

Pair Corralation between Icecure Medical and PetVivo Holdings

If you would invest  112.00  in Icecure Medical on December 26, 2024 and sell it today you would earn a total of  6.00  from holding Icecure Medical or generate 5.36% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Icecure Medical  vs.  PetVivo Holdings

Icecure Medical

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Icecure Medical are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of very fragile fundamental indicators, Icecure Medical may actually be approaching a critical reversion point that can send shares even higher in April 2025.

PetVivo Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days PetVivo Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, PetVivo Holdings is not utilizing all of its potentials. The current stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Pair Trading with Icecure Medical and PetVivo Holdings

The main advantage of trading using opposite Icecure Medical and PetVivo Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icecure Medical position performs unexpectedly, PetVivo Holdings 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 PetVivo Holdings will offset losses from the drop in PetVivo Holdings' long position.

The idea behind Icecure Medical and PetVivo Holdings 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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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 the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.