Correlation Between Akso Health and OneMedNet Corp
Can any of the company-specific risk be diversified away by investing in both Akso Health and OneMedNet Corp 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 OneMedNet Corp 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 OneMedNet Corp, you can compare the effects of market volatilities on Akso Health and OneMedNet Corp 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 OneMedNet Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akso Health and OneMedNet Corp.
Diversification Opportunities for Akso Health and OneMedNet Corp
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Akso and OneMedNet is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Akso Health Group and OneMedNet Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneMedNet Corp 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 OneMedNet Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneMedNet Corp has no effect on the direction of Akso Health i.e., Akso Health and OneMedNet Corp go up and down completely randomly.
Pair Corralation between Akso Health and OneMedNet Corp
Considering the 90-day investment horizon Akso Health Group is expected to generate 0.64 times more return on investment than OneMedNet Corp. However, Akso Health Group is 1.56 times less risky than OneMedNet Corp. It trades about 0.06 of its potential returns per unit of risk. OneMedNet Corp is currently generating about 0.01 per unit of risk. If you would invest 42.00 in Akso Health Group on August 28, 2024 and sell it today you would earn a total of 44.00 from holding Akso Health Group or generate 104.76% 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. OneMedNet Corp
Performance |
| Timeline |
| Akso Health Group |
| OneMedNet Corp |
Akso Health and OneMedNet Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akso Health and OneMedNet Corp
The main advantage of trading using opposite Akso Health and OneMedNet Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akso Health position performs unexpectedly, OneMedNet Corp 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 OneMedNet Corp will offset losses from the drop in OneMedNet Corp's long position.| Akso Health vs. Henry Schein | Akso Health vs. Owens Minor | Akso Health vs. Cardinal Health | Akso Health vs. Zynex Inc |
| OneMedNet Corp vs. Amkor Technology | OneMedNet Corp vs. Playtika Holding Corp | OneMedNet Corp vs. Insteel Industries | OneMedNet Corp vs. Allient |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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