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Correlation Between BIOTRICITY INC and EDAP TMS

Analyzing existing cross correlation between BIOTRICITY INC and EDAP TMS SA. You can compare the effects of market volatilities on BIOTRICITY INC and EDAP TMS 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 BIOTRICITY INC with a short position of EDAP TMS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIOTRICITY INC and EDAP TMS.

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Diversification Opportunities for BIOTRICITY INC and EDAP TMS

BIOTRICITY INC diversification synergy
-0.71
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Pay attention - limited upside

The 3 months correlation between BIOTRICITY and EDAP TMS is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding BIOTRICITY INC and EDAP TMS SA in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on EDAP TMS SA and BIOTRICITY INC 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 BIOTRICITY INC are associated (or correlated) with EDAP TMS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EDAP TMS SA has no effect on the direction of BIOTRICITY INC i.e. BIOTRICITY INC and EDAP TMS go up and down completely randomly.

Pair Corralation between BIOTRICITY INC and EDAP TMS

Given the investment horizon of 30 days, BIOTRICITY INC is expected to generate 5.79 times more return on investment than EDAP TMS. However, BIOTRICITY INC is 5.79 times more volatile than EDAP TMS SA. It trades about 0.17 of its potential returns per unit of risk. EDAP TMS SA is currently generating about -0.13 per unit of risk. If you would invest  50.00  in BIOTRICITY INC on January 27, 2020 and sell it today you would earn a total of  89.00  from holding BIOTRICITY INC or generate 178.0% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy98.39%
ValuesDaily Returns

BIOTRICITY INC  vs.  EDAP TMS SA

 Performance (%) 
    
  Timeline 
BIOTRICITY INC 
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BIOTRICITY INC are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. Inspite fairly unsteady basic indicators, BIOTRICITY INC showed solid returns over the last few months and may actually be approaching a breakup point.
EDAP TMS SA 
00

Risk-Adjusted Performance

Over the last 30 days EDAP TMS SA has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite unsteady performance in the last few months, the Stock's forward-looking indicators remain very unfluctuating which may send shares a bit higher in March 2020. The recent disarray may also be a sign of long period up-swing for the corporate body insiders.

BIOTRICITY INC and EDAP TMS Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.