Correlation Between Movano and SANUWAVE Health,

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

By analyzing existing cross correlation between Movano Inc and SANUWAVE Health, Common, you can compare the effects of market volatilities on Movano and SANUWAVE Health, 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 Movano with a short position of SANUWAVE Health,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Movano and SANUWAVE Health,.

Diversification Opportunities for Movano and SANUWAVE Health,

-0.83

Correlation Coefficient

Movano  SANUWAVE Health,

Pay attention - limited upside

The 3 months correlation between Movano and SANUWAVE is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Movano Inc and SANUWAVE Health, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANUWAVE Health, Common and Movano 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 Movano Inc are associated (or correlated) with SANUWAVE Health,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANUWAVE Health, Common has no effect on the direction of Movano i.e., Movano and SANUWAVE Health, go up and down completely randomly.

Pair Corralation between Movano and SANUWAVE Health,

Given the investment horizon of 90 days Movano Inc is expected to under-perform the SANUWAVE Health,. In addition to that, Movano is 1.37 times more volatile than SANUWAVE Health, Common. It trades about -0.27 of its total potential returns per unit of risk. SANUWAVE Health, Common is currently generating about 0.21 per unit of volatility. If you would invest  2,250  in SANUWAVE Health, Common on December 29, 2024 and sell it today you would earn a total of  1,405  from holding SANUWAVE Health, Common or generate 62.44% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Movano Inc  vs.  SANUWAVE Health, Common

Movano Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Movano Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of abnormal performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in April 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

SANUWAVE Health, Common

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in SANUWAVE Health, Common are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of fairly abnormal basic indicators, SANUWAVE Health, showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Movano and SANUWAVE Health,

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

The idea behind Movano Inc and SANUWAVE Health, Common 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 the Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.