Correlation Between Zynex and Owens Minor

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

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

Diversification Opportunities for Zynex and Owens Minor

0.44

Correlation Coefficient

Zynex  Owens Minor

Very weak diversification

The 3 months correlation between Zynex and Owens is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Zynex Inc and Owens Minor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Owens Minor and Zynex 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 Zynex Inc are associated (or correlated) with Owens Minor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Owens Minor has no effect on the direction of Zynex i.e., Zynex and Owens Minor go up and down completely randomly.

Pair Corralation between Zynex and Owens Minor

Given the investment horizon of 90 days Zynex Inc is expected to generate 2.22 times more return on investment than Owens Minor. However, Zynex is 2.22 times more volatile than Owens Minor. It trades about 0.01 of its potential returns per unit of risk. Owens Minor is currently generating about -0.03 per unit of risk. If you would invest  208.00  in Zynex Inc on May 7, 2025 and sell it today you would lose (35.00) from holding Zynex Inc or give up 16.83% of portfolio value over 90 days.

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

Zynex Inc  vs.  Owens Minor

Zynex Inc

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Zynex Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite fairly unsteady basic indicators, Zynex may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Owens Minor

Risk-Adjusted Performance

Weakest

Over the last 90 days Owens Minor has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest unsteady performance, the Stock's primary indicators remain strong and the recent confusion on Wall Street may also be a sign of long-lasting gains for the firm traders.

Pair Trading with Zynex and Owens Minor

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

The idea behind Zynex Inc and Owens Minor 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.