Correlation Between Agilon Health and Artivion
Can any of the company-specific risk be diversified away by investing in both Agilon Health and Artivion 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 Agilon Health and Artivion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and Artivion, you can compare the effects of market volatilities on Agilon Health and Artivion 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 Agilon Health with a short position of Artivion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and Artivion.
Diversification Opportunities for Agilon Health and Artivion
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Agilon and Artivion is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and Artivion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artivion and Agilon Health 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 agilon health are associated (or correlated) with Artivion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artivion has no effect on the direction of Agilon Health i.e., Agilon Health and Artivion go up and down completely randomly.
Pair Corralation between Agilon Health and Artivion
Considering the 90-day investment horizon agilon health is expected to under-perform the Artivion. In addition to that, Agilon Health is 5.48 times more volatile than Artivion. It trades about -0.02 of its total potential returns per unit of risk. Artivion is currently generating about 0.17 per unit of volatility. If you would invest 2,646 in Artivion on August 28, 2024 and sell it today you would earn a total of 195.00 from holding Artivion or generate 7.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. Artivion
Performance |
| Timeline |
| agilon health |
| Artivion |
Agilon Health and Artivion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and Artivion
The main advantage of trading using opposite Agilon Health and Artivion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, Artivion 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 Artivion will offset losses from the drop in Artivion's long position.| Agilon Health vs. The Ensign Group | Agilon Health vs. Universal Health Services | Agilon Health vs. Addus HomeCare | Agilon Health vs. Encompass Health Corp |
| Artivion vs. EUDA Health Holdings | Artivion vs. Nutex Health | Artivion vs. Healthcare Triangle | Artivion vs. Mangoceuticals, Common Stock |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |