Correlation Between Agilon Health and AtriCure
Can any of the company-specific risk be diversified away by investing in both Agilon Health and AtriCure 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 AtriCure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and AtriCure, you can compare the effects of market volatilities on Agilon Health and AtriCure 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 AtriCure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and AtriCure.
Diversification Opportunities for Agilon Health and AtriCure
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agilon and AtriCure is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and AtriCure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AtriCure 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 AtriCure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AtriCure has no effect on the direction of Agilon Health i.e., Agilon Health and AtriCure go up and down completely randomly.
Pair Corralation between Agilon Health and AtriCure
Considering the 90-day investment horizon agilon health is expected to under-perform the AtriCure. In addition to that, Agilon Health is 1.66 times more volatile than AtriCure. It trades about -0.08 of its total potential returns per unit of risk. AtriCure is currently generating about 0.0 per unit of volatility. If you would invest 4,409 in AtriCure on August 27, 2024 and sell it today you would lose (835.00) from holding AtriCure or give up 18.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. AtriCure
Performance |
| Timeline |
| agilon health |
| AtriCure |
Agilon Health and AtriCure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and AtriCure
The main advantage of trading using opposite Agilon Health and AtriCure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, AtriCure 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 AtriCure will offset losses from the drop in AtriCure'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 |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |