Correlation Between SINTX Technologies and Vivos

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

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

Diversification Opportunities for SINTX Technologies and Vivos

-0.14

Correlation Coefficient

SINTX Technologies  Vivos

Good diversification

The 3 months correlation between SINTX and Vivos is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding SINTX Technologies and Vivos Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vivos Inc and SINTX Technologies 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 SINTX Technologies are associated (or correlated) with Vivos. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vivos Inc has no effect on the direction of SINTX Technologies i.e., SINTX Technologies and Vivos go up and down completely randomly.

Pair Corralation between SINTX Technologies and Vivos

Given the investment horizon of 90 days SINTX Technologies is expected to under-perform the Vivos. But the stock apears to be less risky and, when comparing its historical volatility, SINTX Technologies is 2.54 times less risky than Vivos. The stock trades about -0.35 of its potential returns per unit of risk. The Vivos Inc is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  12.00  in Vivos Inc on October 26, 2024 and sell it today you would earn a total of  1.00  from holding Vivos Inc or generate 8.33% return on investment over 90 days.

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

SINTX Technologies  vs.  Vivos Inc

SINTX Technologies

Risk-Adjusted Performance

3 of 100

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in SINTX Technologies are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, SINTX Technologies unveiled solid returns over the last few months and may actually be approaching a breakup point.

Vivos Inc

Risk-Adjusted Performance

2 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Vivos Inc are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite quite unsteady technical and fundamental indicators, Vivos disclosed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with SINTX Technologies and Vivos

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

The idea behind SINTX Technologies and Vivos 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.