Correlation Between NanoVibronix and Movano

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

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

Diversification Opportunities for NanoVibronix and Movano

0.1

Correlation Coefficient

NanoVibronix  Movano

Average diversification

The 3 months correlation between NanoVibronix and Movano is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding NanoVibronix and Movano Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Movano Inc and NanoVibronix 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 NanoVibronix are associated (or correlated) with Movano. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Movano Inc has no effect on the direction of NanoVibronix i.e., NanoVibronix and Movano go up and down completely randomly.

Pair Corralation between NanoVibronix and Movano

Given the investment horizon of 90 days NanoVibronix is expected to under-perform the Movano. In addition to that, NanoVibronix is 2.2 times more volatile than Movano Inc. It trades about -0.09 of its total potential returns per unit of risk. Movano Inc is currently generating about -0.04 per unit of volatility. If you would invest  564.00  in Movano Inc on November 29, 2024 and sell it today you would lose (88.00) from holding Movano Inc or give up 15.6% of portfolio value over 90 days.

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

NanoVibronix  vs.  Movano Inc

NanoVibronix

Risk-Adjusted Performance

Very Weak

Over the last 90 days NanoVibronix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's basic indicators remain fairly stable which may send shares a bit higher in March 2025. The latest fuss may also be a sign of long-term up-swing for the venture sophisticated investors.

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 latest abnormal performance, the Stock's basic indicators remain sound and the latest tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.

Pair Trading with NanoVibronix and Movano

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

The idea behind NanoVibronix and Movano Inc 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 Stocks Directory module to find actively traded stocks across global markets.