ModivCare Correlations
| MODVDelisted Stock | USD 0.34 0.06 21.43% |
The correlation of ModivCare is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.
ModivCare Correlation With Market
Excellent diversification
The correlation between ModivCare and DJI is -0.59 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ModivCare and DJI in the same portfolio, assuming nothing else is changed.
ModivCare |
Moving together with ModivCare Stock
Moving against ModivCare Stock
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| 0.8 | DD | Dupont De Nemours | PairCorr |
| 0.78 | JNJ | Johnson Johnson | PairCorr |
| 0.73 | KO | Coca Cola Earnings Call This Week | PairCorr |
| 0.72 | INTC | Intel | PairCorr |
| 0.72 | PG | Procter Gamble | PairCorr |
| 0.7 | WMT | Walmart Common Stock | PairCorr |
| 0.68 | HD | Home Depot | PairCorr |
| 0.66 | BA | Boeing | PairCorr |
| 0.65 | MRK | Merck Company | PairCorr |
| 0.58 | MCD | McDonalds Earnings Call Today | PairCorr |
| 0.57 | AA | Alcoa Corp | PairCorr |
| 0.53 | CSCO | Cisco Systems Aggressive Push | PairCorr |
| 0.45 | T | ATT Inc Aggressive Push | PairCorr |
| 0.42 | GPOVF | Grupo Carso SAB | PairCorr |
| 0.32 | AMCCF | Amcor plc | PairCorr |
Related Correlations Analysis
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between ModivCare Stock performing well and ModivCare Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ModivCare's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| GBNH | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| RHEP | 3.29 | 0.15 | 0.01 | (0.91) | 4.05 | 9.49 | 30.85 | |||
| TCDA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| HLTHQ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| RHE | 7.01 | 1.48 | 0.14 | (1.44) | 7.27 | 12.14 | 159.73 | |||
| ENTO | 7.46 | (0.17) | 0.00 | (0.07) | 0.00 | 16.86 | 39.61 | |||
| NSTG | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| LMDX | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| UPH | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
ModivCare Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ModivCare stock to make a market-neutral strategy. Peer analysis of ModivCare could also be used in its relative valuation, which is a method of valuing ModivCare by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
ModivCare Corporate Management
| Jack Sawyer | Chief Ingeus | Profile | |
| Mia Haney | Chief Segment | Profile | |
| CFA CFA | Associate Relations | Profile | |
| Jessica Kral | Chief Officer | Profile | |
| Robert Pittman | Senior Affairs | Profile | |
| Chris Heine | Senior NEMT | Profile | |
| Kenneth Shepard | Chief Mobility | Profile |
Still Interested in ModivCare?
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