Correlation Between Figs and Electrocore LLC

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

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

Diversification Opportunities for Figs and Electrocore LLC

-0.39

Correlation Coefficient

Figs  Electrocore LLC

Very good diversification

The 3 months correlation between Figs and Electrocore is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and Electrocore LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electrocore LLC and Figs 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 Figs Inc are associated (or correlated) with Electrocore LLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electrocore LLC has no effect on the direction of Figs i.e., Figs and Electrocore LLC go up and down completely randomly.

Pair Corralation between Figs and Electrocore LLC

Given the investment horizon of 90 days Figs Inc is expected to generate 0.52 times more return on investment than Electrocore LLC. However, Figs Inc is 1.91 times less risky than Electrocore LLC. It trades about 0.13 of its potential returns per unit of risk. Electrocore LLC is currently generating about -0.08 per unit of risk. If you would invest  668.00  in Figs Inc on July 28, 2025 and sell it today you would earn a total of  155.00  from holding Figs Inc or generate 23.2% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Figs Inc  vs.  Electrocore LLC

Figs Inc

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Figs Inc are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak technical and fundamental indicators, Figs unveiled solid returns over the last few months and may actually be approaching a breakup point.

Electrocore LLC

Risk-Adjusted Performance

Weakest

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

Pair Trading with Figs and Electrocore LLC

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

The idea behind Figs Inc and Electrocore LLC 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.

Check out your portfolio center.

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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.