Correlation Between AmerisourceBergen and Zynex
Can any of the company-specific risk be diversified away by investing in both AmerisourceBergen and Zynex 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 AmerisourceBergen and Zynex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AmerisourceBergen and Zynex Inc, you can compare the effects of market volatilities on AmerisourceBergen and Zynex 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 AmerisourceBergen with a short position of Zynex. Check out your portfolio center. Please also check ongoing floating volatility patterns of AmerisourceBergen and Zynex.
Diversification Opportunities for AmerisourceBergen and Zynex
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AmerisourceBergen and Zynex is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding AmerisourceBergen and Zynex Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zynex Inc and AmerisourceBergen 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 AmerisourceBergen are associated (or correlated) with Zynex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zynex Inc has no effect on the direction of AmerisourceBergen i.e., AmerisourceBergen and Zynex go up and down completely randomly.
Pair Corralation between AmerisourceBergen and Zynex
If you would invest 19,145 in AmerisourceBergen on August 24, 2024 and sell it today you would earn a total of 0.00 from holding AmerisourceBergen or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
AmerisourceBergen vs. Zynex Inc
Performance |
| Timeline |
| AmerisourceBergen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Zynex Inc |
AmerisourceBergen and Zynex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AmerisourceBergen and Zynex
The main advantage of trading using opposite AmerisourceBergen and Zynex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AmerisourceBergen position performs unexpectedly, Zynex 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 Zynex will offset losses from the drop in Zynex's long position.| AmerisourceBergen vs. Cardinal Health | AmerisourceBergen vs. Henry Schein | AmerisourceBergen vs. Owens Minor | AmerisourceBergen vs. Patterson Companies |
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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