Correlation Analysis Between ENCISION INC and Orthofix International

This module allows you to analyze existing cross correlation between ENCISION INC and Orthofix International NV. You can compare the effects of market volatilities on ENCISION INC and Orthofix International 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 ENCISION INC with a short position of Orthofix International. See also your portfolio center. Please also check ongoing floating volatility patterns of ENCISION INC and Orthofix International.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

ENCISION INC  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ENCISION INC are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. Despite somewhat abnormal basic indicators, ENCISION INC sustained solid returns over the last few months and may actually be approaching a breakup point.
Orthofix International  
00

Risk-Adjusted Performance

Over the last 30 days Orthofix International NV has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite abnormal performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in December 2019. The current disturbance may also be a sign of long term up-swing for the company investors.

ENCISION INC and Orthofix International Volatility Contrast

 Predicted Return Density 
      Returns 

ENCISION INC  vs.  Orthofix International NV

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ENCISION INC is expected to generate 1.45 times more return on investment than Orthofix International. However, ENCISION INC is 1.45 times more volatile than Orthofix International NV. It trades about 0.15 of its potential returns per unit of risk. Orthofix International NV is currently generating about -0.1 per unit of risk. If you would invest  37.00  in ENCISION INC on October 20, 2019 and sell it today you would earn a total of  13.00  from holding ENCISION INC or generate 35.14% return on investment over 30 days.

Pair Corralation between ENCISION INC and Orthofix International

-0.43
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for ENCISION INC and Orthofix International

ENCISION INC diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ENCISION INC and Orthofix International NV in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Orthofix International and ENCISION 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 ENCISION INC are associated (or correlated) with Orthofix International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orthofix International has no effect on the direction of ENCISION INC i.e. ENCISION INC and Orthofix International go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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