Correlation Between IMAC Holdings and Cano Health
Can any of the company-specific risk be diversified away by investing in both IMAC Holdings and Cano 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 IMAC Holdings and Cano Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAC Holdings and Cano Health, you can compare the effects of market volatilities on IMAC Holdings and Cano 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 IMAC Holdings with a short position of Cano Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAC Holdings and Cano Health.
Diversification Opportunities for IMAC Holdings and Cano Health
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between IMAC and Cano is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding IMAC Holdings and Cano Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cano Health and IMAC 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 IMAC Holdings are associated (or correlated) with Cano Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cano Health has no effect on the direction of IMAC Holdings i.e., IMAC Holdings and Cano Health go up and down completely randomly.
Pair Corralation between IMAC Holdings and Cano Health
If you would invest 137.00 in Cano Health on November 7, 2024 and sell it today you would earn a total of 0.00 from holding Cano Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
IMAC Holdings vs. Cano Health
Performance |
| Timeline |
| IMAC Holdings |
| Cano Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
IMAC Holdings and Cano Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAC Holdings and Cano Health
The main advantage of trading using opposite IMAC Holdings and Cano Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAC Holdings position performs unexpectedly, Cano 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 Cano Health will offset losses from the drop in Cano Health's long position.| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. HCA Holdings |
| Cano Health vs. Oncology Institute | Cano Health vs. Lifestance Health Group | Cano Health vs. agilon health | Cano Health vs. Pennant Group |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |