Correlation Between Akso Health and Daxor
Can any of the company-specific risk be diversified away by investing in both Akso Health and Daxor 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 Akso Health and Daxor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akso Health Group and Daxor, you can compare the effects of market volatilities on Akso Health and Daxor 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 Akso Health with a short position of Daxor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akso Health and Daxor.
Diversification Opportunities for Akso Health and Daxor
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Akso and Daxor is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Akso Health Group and Daxor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daxor and Akso 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 Akso Health Group are associated (or correlated) with Daxor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daxor has no effect on the direction of Akso Health i.e., Akso Health and Daxor go up and down completely randomly.
Pair Corralation between Akso Health and Daxor
Considering the 90-day investment horizon Akso Health Group is expected to generate 3.91 times more return on investment than Daxor. However, Akso Health is 3.91 times more volatile than Daxor. It trades about 0.18 of its potential returns per unit of risk. Daxor is currently generating about 0.1 per unit of risk. If you would invest 119.00 in Akso Health Group on October 20, 2024 and sell it today you would earn a total of 35.00 from holding Akso Health Group or generate 29.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akso Health Group vs. Daxor
Performance |
| Timeline |
| Akso Health Group |
| Daxor |
Akso Health and Daxor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akso Health and Daxor
The main advantage of trading using opposite Akso Health and Daxor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akso Health position performs unexpectedly, Daxor 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 Daxor will offset losses from the drop in Daxor's long position.| Akso Health vs. Henry Schein | Akso Health vs. Owens Minor | Akso Health vs. Cardinal Health | Akso Health vs. Zynex Inc |
| Daxor vs. InfuSystems Holdings | Daxor vs. Meihua International Medical | Daxor vs. Repro Med Systems | Daxor vs. LeMaitre Vascular |
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..
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |