Correlation Between Alcon AG and OneMedNet Corp
Can any of the company-specific risk be diversified away by investing in both Alcon AG 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 Alcon AG and OneMedNet Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alcon AG and OneMedNet Corp, you can compare the effects of market volatilities on Alcon AG 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 Alcon AG with a short position of OneMedNet Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alcon AG and OneMedNet Corp.
Diversification Opportunities for Alcon AG and OneMedNet Corp
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alcon and OneMedNet is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Alcon AG and OneMedNet Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneMedNet Corp and Alcon AG 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 Alcon AG 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 Alcon AG i.e., Alcon AG and OneMedNet Corp go up and down completely randomly.
Pair Corralation between Alcon AG and OneMedNet Corp
Considering the 90-day investment horizon Alcon AG is expected to under-perform the OneMedNet Corp. But the stock apears to be less risky and, when comparing its historical volatility, Alcon AG is 6.34 times less risky than OneMedNet Corp. The stock trades about -0.29 of its potential returns per unit of risk. The OneMedNet Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 63.00 in OneMedNet Corp on August 28, 2024 and sell it today you would earn a total of 28.00 from holding OneMedNet Corp or generate 44.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alcon AG vs. OneMedNet Corp
Performance |
| Timeline |
| Alcon AG |
| OneMedNet Corp |
Alcon AG and OneMedNet Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alcon AG and OneMedNet Corp
The main advantage of trading using opposite Alcon AG and OneMedNet Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alcon AG 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.| Alcon AG vs. Heartbeam | Alcon AG vs. EUDA Health Holdings | Alcon AG vs. Nutex Health | Alcon AG vs. Healthcare Triangle |
| 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |