Correlation Between Agilon Health and Biovie
Can any of the company-specific risk be diversified away by investing in both Agilon Health and Biovie 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 Biovie into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between agilon health and Biovie Inc, you can compare the effects of market volatilities on Agilon Health and Biovie 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 Biovie. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilon Health and Biovie.
Diversification Opportunities for Agilon Health and Biovie
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agilon and Biovie is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding agilon health and Biovie Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biovie Inc 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 Biovie. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biovie Inc has no effect on the direction of Agilon Health i.e., Agilon Health and Biovie go up and down completely randomly.
Pair Corralation between Agilon Health and Biovie
Considering the 90-day investment horizon agilon health is expected to under-perform the Biovie. In addition to that, Agilon Health is 1.66 times more volatile than Biovie Inc. It trades about -0.06 of its total potential returns per unit of risk. Biovie Inc is currently generating about 0.02 per unit of volatility. If you would invest 287.00 in Biovie Inc on August 29, 2024 and sell it today you would lose (5.00) from holding Biovie Inc or give up 1.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
agilon health vs. Biovie Inc
Performance |
| Timeline |
| agilon health |
| Biovie Inc |
Agilon Health and Biovie Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilon Health and Biovie
The main advantage of trading using opposite Agilon Health and Biovie positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilon Health position performs unexpectedly, Biovie 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 Biovie will offset losses from the drop in Biovie'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 |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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