Correlation Between Apollo Medical and Unilever Plc
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By analyzing existing cross correlation between Apollo Medical Holdings and Unilever Plc, you can compare the effects of market volatilities on Apollo Medical and Unilever 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 Apollo Medical with a short position of Unilever Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Medical and Unilever Plc.
Diversification Opportunities for Apollo Medical and Unilever Plc
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Apollo and Unilever is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Medical Holdings and Unilever Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unilever Plc and Apollo Medical 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 Apollo Medical Holdings are associated (or correlated) with Unilever Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unilever Plc has no effect on the direction of Apollo Medical i.e., Apollo Medical and Unilever Plc go up and down completely randomly.
Pair Corralation between Apollo Medical and Unilever Plc
Assuming the 90 days horizon Apollo Medical Holdings is expected to generate 1.23 times more return on investment than Unilever Plc. However, Apollo Medical is 1.23 times more volatile than Unilever Plc. It trades about -0.05 of its potential returns per unit of risk. Unilever Plc is currently generating about -0.09 per unit of risk. If you would invest 3,460 in Apollo Medical Holdings on November 28, 2024 and sell it today you would lose (80.00) from holding Apollo Medical Holdings or give up 2.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apollo Medical Holdings vs. Unilever Plc
Performance |
| Timeline |
| Apollo Medical Holdings |
| Unilever Plc |
Apollo Medical and Unilever Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Medical and Unilever Plc
The main advantage of trading using opposite Apollo Medical and Unilever Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Medical position performs unexpectedly, Unilever 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 Unilever Plc will offset losses from the drop in Unilever Plc's long position.| Apollo Medical vs. HK Electric Investments | Apollo Medical vs. Cogent Communications Holdings | Apollo Medical vs. CHRYSALIS INVESTMENTS LTD | Apollo Medical vs. Investment AB Latour |
| Unilever Plc vs. National Health Investors | Unilever Plc vs. UNIDOC HEALTH P | Unilever Plc vs. UET United Electronic | Unilever Plc vs. Urban Outfitters |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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