Correlation Between Agiliti and Evolent Health
Can any of the company-specific risk be diversified away by investing in both Agiliti and Evolent Health 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 Agiliti and Evolent Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agiliti and Evolent Health, you can compare the effects of market volatilities on Agiliti and Evolent Health 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 Agiliti with a short position of Evolent Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agiliti and Evolent Health.
Diversification Opportunities for Agiliti and Evolent Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Agiliti and Evolent is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agiliti and Evolent Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evolent Health and Agiliti 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 Agiliti are associated (or correlated) with Evolent Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evolent Health has no effect on the direction of Agiliti i.e., Agiliti and Evolent Health go up and down completely randomly.
Pair Corralation between Agiliti and Evolent Health
If you would invest 1,689 in Agiliti on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Agiliti or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Agiliti vs. Evolent Health
Performance |
| Timeline |
| Agiliti |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Evolent Health |
Agiliti and Evolent Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agiliti and Evolent Health
The main advantage of trading using opposite Agiliti and Evolent Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agiliti position performs unexpectedly, Evolent Health 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 Evolent Health will offset losses from the drop in Evolent Health's long position.The idea behind Agiliti and Evolent Health pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Evolent Health vs. CareMax | Evolent Health vs. Certara | Evolent Health vs. Definitive Healthcare Corp | Evolent Health vs. National Research 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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