Correlation Between Schweiter Technologies and MyHealthChecked Plc
Can any of the company-specific risk be diversified away by investing in both Schweiter Technologies and MyHealthChecked Plc 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 Schweiter Technologies and MyHealthChecked Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Schweiter Technologies AG and MyHealthChecked Plc, you can compare the effects of market volatilities on Schweiter Technologies and MyHealthChecked Plc 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 Schweiter Technologies with a short position of MyHealthChecked Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Schweiter Technologies and MyHealthChecked Plc.
Diversification Opportunities for Schweiter Technologies and MyHealthChecked Plc
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Schweiter and MyHealthChecked is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Schweiter Technologies AG and MyHealthChecked Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyHealthChecked Plc and Schweiter Technologies 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 Schweiter Technologies AG are associated (or correlated) with MyHealthChecked Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MyHealthChecked Plc has no effect on the direction of Schweiter Technologies i.e., Schweiter Technologies and MyHealthChecked Plc go up and down completely randomly.
Pair Corralation between Schweiter Technologies and MyHealthChecked Plc
Assuming the 90 days trading horizon Schweiter Technologies AG is expected to generate 1.07 times more return on investment than MyHealthChecked Plc. However, Schweiter Technologies is 1.07 times more volatile than MyHealthChecked Plc. It trades about 0.03 of its potential returns per unit of risk. MyHealthChecked Plc is currently generating about -0.09 per unit of risk. If you would invest 40,800 in Schweiter Technologies AG on August 31, 2024 and sell it today you would earn a total of 400.00 from holding Schweiter Technologies AG or generate 0.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Schweiter Technologies AG vs. MyHealthChecked Plc
Performance |
| Timeline |
| Schweiter Technologies |
| MyHealthChecked Plc |
Schweiter Technologies and MyHealthChecked Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Schweiter Technologies and MyHealthChecked Plc
The main advantage of trading using opposite Schweiter Technologies and MyHealthChecked Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Schweiter Technologies position performs unexpectedly, MyHealthChecked Plc 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 MyHealthChecked Plc will offset losses from the drop in MyHealthChecked Plc's long position.| Schweiter Technologies vs. Neometals | Schweiter Technologies vs. Coor Service Management | Schweiter Technologies vs. Aeorema Communications Plc | Schweiter Technologies vs. JLEN Environmental Assets |
| MyHealthChecked Plc vs. Toyota Motor Corp | MyHealthChecked Plc vs. SoftBank Group Corp | MyHealthChecked Plc vs. State Bank of | MyHealthChecked Plc vs. MOL Hungarian Oil |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |