Correlation Analysis Between Globus Medical and Second Sight

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

Comparative Performance

Globus Medical  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Globus Medical are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In spite of rather unsteady fundamental drivers, Globus Medical exhibited solid returns over the last few months and may actually be approaching a breakup point.
Second Sight Medical  
00

Risk-Adjusted Performance

Over the last 30 days Second Sight Medical Products has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, Second Sight is not utilizing all of its potentials. The ongoing stock price agitation, may contribute to short term losses for the management.

Globus Medical and Second Sight Volatility Contrast

 Predicted Return Density 
      Returns 

Globus Medical Inc  vs.  Second Sight Medical Products

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Globus Medical is expected to generate 0.5 times more return on investment than Second Sight. However, Globus Medical is 2.01 times less risky than Second Sight. It trades about 0.17 of its potential returns per unit of risk. Second Sight Medical Products is currently generating about -0.01 per unit of risk. If you would invest  4,268  in Globus Medical on September 20, 2019 and sell it today you would earn a total of  872.00  from holding Globus Medical or generate 20.43% return on investment over 30 days.

Pair Corralation between Globus Medical and Second Sight

-0.34
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Globus Medical and Second Sight

Globus Medical Inc diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Globus Medical Inc and Second Sight Medical Products in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Second Sight Medical and Globus Medical 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 Globus Medical are associated (or correlated) with Second Sight. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Second Sight Medical has no effect on the direction of Globus Medical i.e. Globus Medical and Second Sight go up and down completely randomly.
See also your portfolio center. Please also try Headlines Timeline module to stay connected to all market stories and filter out noise. drill down to analyze hype elasticity.


 
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