Correlation Between Akso Health and Omnicell
Can any of the company-specific risk be diversified away by investing in both Akso Health and Omnicell 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 Omnicell 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 Omnicell, you can compare the effects of market volatilities on Akso Health and Omnicell 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 Omnicell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akso Health and Omnicell.
Diversification Opportunities for Akso Health and Omnicell
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Akso and Omnicell is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Akso Health Group and Omnicell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omnicell 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 Omnicell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omnicell has no effect on the direction of Akso Health i.e., Akso Health and Omnicell go up and down completely randomly.
Pair Corralation between Akso Health and Omnicell
Considering the 90-day investment horizon Akso Health is expected to generate 1.88 times less return on investment than Omnicell. In addition to that, Akso Health is 1.54 times more volatile than Omnicell. It trades about 0.04 of its total potential returns per unit of risk. Omnicell is currently generating about 0.11 per unit of volatility. If you would invest 4,039 in Omnicell on August 28, 2024 and sell it today you would earn a total of 557.00 from holding Omnicell or generate 13.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akso Health Group vs. Omnicell
Performance |
| Timeline |
| Akso Health Group |
| Omnicell |
Akso Health and Omnicell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akso Health and Omnicell
The main advantage of trading using opposite Akso Health and Omnicell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akso Health position performs unexpectedly, Omnicell 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 Omnicell will offset losses from the drop in Omnicell's long position.| Akso Health vs. Henry Schein | Akso Health vs. Owens Minor | Akso Health vs. Cardinal Health | Akso Health vs. Zynex Inc |
| Omnicell vs. HealthStream | Omnicell vs. National Research Corp | Omnicell vs. Forian Inc | Omnicell vs. Definitive Healthcare 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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