Correlation Between Exicure and Miromatrix Medical

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

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

Diversification Opportunities for Exicure and Miromatrix Medical

0.0

Correlation Coefficient

Exicure  Miromatrix Medical

Pay attention - limited upside

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

Pair Corralation between Exicure and Miromatrix Medical

If you would invest (100.00) in Miromatrix Medical on November 29, 2024 and sell it today you would earn a total of  100.00  from holding Miromatrix Medical or generate -100.0% return on investment over 90 days.

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

Exicure  vs.  Miromatrix Medical

Exicure

Risk-Adjusted Performance

Very Weak

Over the last 90 days Exicure has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in March 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Miromatrix Medical

Risk-Adjusted Performance

Very Weak

Over the last 90 days Miromatrix Medical has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Miromatrix Medical is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Exicure and Miromatrix Medical

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

The idea behind Exicure and Miromatrix Medical 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.