Correlation Between Akso Health and Hologic
Can any of the company-specific risk be diversified away by investing in both Akso Health and Hologic 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 Hologic 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 Hologic, you can compare the effects of market volatilities on Akso Health and Hologic 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 Hologic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akso Health and Hologic.
Diversification Opportunities for Akso Health and Hologic
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Akso and Hologic is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Akso Health Group and Hologic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hologic 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 Hologic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hologic has no effect on the direction of Akso Health i.e., Akso Health and Hologic go up and down completely randomly.
Pair Corralation between Akso Health and Hologic
Considering the 90-day investment horizon Akso Health Group is expected to generate 3.89 times more return on investment than Hologic. However, Akso Health is 3.89 times more volatile than Hologic. It trades about 0.02 of its potential returns per unit of risk. Hologic is currently generating about 0.01 per unit of risk. If you would invest 136.00 in Akso Health Group on November 1, 2024 and sell it today you would lose (1.00) from holding Akso Health Group or give up 0.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akso Health Group vs. Hologic
Performance |
| Timeline |
| Akso Health Group |
| Hologic |
Akso Health and Hologic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akso Health and Hologic
The main advantage of trading using opposite Akso Health and Hologic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akso Health position performs unexpectedly, Hologic 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 Hologic will offset losses from the drop in Hologic's long position.| Akso Health vs. Henry Schein | Akso Health vs. Owens Minor | Akso Health vs. Cardinal Health | Akso Health vs. Zynex Inc |
| Hologic vs. Haemonetics | Hologic vs. ICU Medical | Hologic vs. Envista Holdings Corp | Hologic vs. The Cooper Companies, |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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