Correlation Between Pro Dex and Iradimed

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

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

Diversification Opportunities for Pro Dex and Iradimed

-0.64

Correlation Coefficient

Pro Dex  Iradimed

Excellent diversification

The 3 months correlation between Pro and Iradimed is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Pro Dex and Iradimed Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iradimed and Pro Dex 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 Pro Dex are associated (or correlated) with Iradimed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iradimed has no effect on the direction of Pro Dex i.e., Pro Dex and Iradimed go up and down completely randomly.

Pair Corralation between Pro Dex and Iradimed

Given the investment horizon of 90 days Pro Dex is expected to under-perform the Iradimed. In addition to that, Pro Dex is 2.02 times more volatile than Iradimed Co. It trades about -0.16 of its total potential returns per unit of risk. Iradimed Co is currently generating about 0.19 per unit of volatility. If you would invest  5,646  in Iradimed Co on July 24, 2025 and sell it today you would earn a total of  1,903  from holding Iradimed Co or generate 33.71% return on investment over 90 days.

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

Pro Dex  vs.  Iradimed Co

Pro Dex

Risk-Adjusted Performance

Weakest

Over the last 90 days Pro Dex has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of conflicting performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in November 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Iradimed

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Iradimed Co are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of rather unfluctuating primary indicators, Iradimed exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Pro Dex and Iradimed

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

The idea behind Pro Dex and Iradimed Co 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.

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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.