Correlation Between TriSalus Life and NAYA Biosciences,

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

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

Diversification Opportunities for TriSalus Life and NAYA Biosciences,

-0.61

Correlation Coefficient

TriSalus Life  NAYA Biosciences,

Excellent diversification

The 3 months correlation between TriSalus and NAYA is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding TriSalus Life Sciences and NAYA Biosciences, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAYA Biosciences, and TriSalus Life 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 TriSalus Life Sciences are associated (or correlated) with NAYA Biosciences,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAYA Biosciences, has no effect on the direction of TriSalus Life i.e., TriSalus Life and NAYA Biosciences, go up and down completely randomly.

Pair Corralation between TriSalus Life and NAYA Biosciences,

Assuming the 90 days horizon TriSalus Life Sciences is expected to generate 1.01 times more return on investment than NAYA Biosciences,. However, TriSalus Life is 1.01 times more volatile than NAYA Biosciences,. It trades about 0.06 of its potential returns per unit of risk. NAYA Biosciences, is currently generating about -0.23 per unit of risk. If you would invest  111.00  in TriSalus Life Sciences on December 28, 2024 and sell it today you would earn a total of  10.00  from holding TriSalus Life Sciences or generate 9.01% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	98.36%
Values	Daily Returns

TriSalus Life Sciences  vs.  NAYA Biosciences,

TriSalus Life Sciences

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in TriSalus Life Sciences are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain forward indicators, TriSalus Life showed solid returns over the last few months and may actually be approaching a breakup point.

NAYA Biosciences,

Risk-Adjusted Performance

Very Weak

Over the last 90 days NAYA Biosciences, has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in April 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with TriSalus Life and NAYA Biosciences,

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

The idea behind TriSalus Life Sciences and NAYA Biosciences, 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 Commodity Directory module to find actively traded commodities issued by global exchanges.