Correlation Analysis Between Globus Medical and ESCALON MEDICAL

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

Comparative Performance

Globus Medical  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Globus Medical are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In spite of rather abnormal fundamental drivers, Globus Medical exhibited solid returns over the last few months and may actually be approaching a breakup point.
ESCALON MEDICAL CORP  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ESCALON MEDICAL CORP are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat abnormal basic indicators, ESCALON MEDICAL sustained solid returns over the last few months and may actually be approaching a breakup point.

Globus Medical and ESCALON MEDICAL Volatility Contrast

 Predicted Return Density 
      Returns 

Globus Medical Inc  vs.  ESCALON MEDICAL CORP

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Globus Medical is expected to generate 3.86 times less return on investment than ESCALON MEDICAL. But when comparing it to its historical volatility, Globus Medical is 8.63 times less risky than ESCALON MEDICAL. It trades about 0.19 of its potential returns per unit of risk. ESCALON MEDICAL CORP is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  12.00  in ESCALON MEDICAL CORP on August 17, 2019 and sell it today you would earn a total of  1.90  from holding ESCALON MEDICAL CORP or generate 15.83% return on investment over 30 days.

Pair Corralation between Globus Medical and ESCALON MEDICAL

-0.3
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Globus Medical and ESCALON MEDICAL

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 ESCALON MEDICAL CORP in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ESCALON MEDICAL CORP 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 ESCALON MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ESCALON MEDICAL CORP has no effect on the direction of Globus Medical i.e. Globus Medical and ESCALON MEDICAL go up and down completely randomly.
See also your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.


 
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