Correlation Between NetraMark Holdings and Privia Health

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both NetraMark Holdings and Privia 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 NetraMark Holdings and Privia Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NetraMark Holdings and Privia Health Group, you can compare the effects of market volatilities on NetraMark Holdings and Privia 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 NetraMark Holdings with a short position of Privia Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of NetraMark Holdings and Privia Health.

Diversification Opportunities for NetraMark Holdings and Privia Health

NetraMarkPriviaDiversified AwayNetraMarkPriviaDiversified Away100%
0.39
  Correlation Coefficient

Weak diversification

The 3 months correlation between NetraMark and Privia is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding NetraMark Holdings and Privia Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Privia Health Group and NetraMark Holdings 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 NetraMark Holdings are associated (or correlated) with Privia Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Privia Health Group has no effect on the direction of NetraMark Holdings i.e., NetraMark Holdings and Privia Health go up and down completely randomly.

Pair Corralation between NetraMark Holdings and Privia Health

Assuming the 90 days horizon NetraMark Holdings is expected to generate 3.47 times more return on investment than Privia Health. However, NetraMark Holdings is 3.47 times more volatile than Privia Health Group. It trades about 0.35 of its potential returns per unit of risk. Privia Health Group is currently generating about 0.27 per unit of risk. If you would invest  57.00  in NetraMark Holdings on November 30, 2024 and sell it today you would earn a total of  42.00  from holding NetraMark Holdings or generate 73.68% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy95.45%
ValuesDaily Returns

NetraMark Holdings  vs.  Privia Health Group

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 020406080100120
JavaScript chart by amCharts 3.21.15AINMF PRVA
       Timeline  
NetraMark Holdings 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in NetraMark Holdings are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly inconsistent primary indicators, NetraMark Holdings reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15JanFebFeb0.60.70.80.911.11.2
Privia Health Group 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Privia Health Group are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain basic indicators, Privia Health sustained solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb1920212223242526

NetraMark Holdings and Privia Health Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-26.79-20.06-13.34-6.610.07.0914.4221.7529.0936.42 0.020.040.060.08
JavaScript chart by amCharts 3.21.15AINMF PRVA
       Returns  

Pair Trading with NetraMark Holdings and Privia Health

The main advantage of trading using opposite NetraMark Holdings and Privia Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NetraMark Holdings position performs unexpectedly, Privia 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 Privia Health will offset losses from the drop in Privia Health's long position.
The idea behind NetraMark Holdings and Privia Health Group 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.
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.

Other Complementary Tools

Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
FinTech Suite
Use AI to screen and filter profitable investment opportunities
Transaction History
View history of all your transactions and understand their impact on performance
ETF Categories
List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins