Correlation Between IMAC Holdings and Genesis Healthcare
Can any of the company-specific risk be diversified away by investing in both IMAC Holdings and Genesis Healthcare 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 Genesis Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAC Holdings and Genesis Healthcare, you can compare the effects of market volatilities on IMAC Holdings and Genesis Healthcare 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 Genesis Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAC Holdings and Genesis Healthcare.
Diversification Opportunities for IMAC Holdings and Genesis Healthcare
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IMAC and Genesis is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding IMAC Holdings and Genesis Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genesis Healthcare 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 Genesis Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genesis Healthcare has no effect on the direction of IMAC Holdings i.e., IMAC Holdings and Genesis Healthcare go up and down completely randomly.
Pair Corralation between IMAC Holdings and Genesis Healthcare
If you would invest 291.00 in IMAC Holdings on August 29, 2024 and sell it today you would lose (187.00) from holding IMAC Holdings or give up 64.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.32% |
| Values | Daily Returns |
IMAC Holdings vs. Genesis Healthcare
Performance |
| Timeline |
| IMAC Holdings |
| Genesis Healthcare |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
IMAC Holdings and Genesis Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAC Holdings and Genesis Healthcare
The main advantage of trading using opposite IMAC Holdings and Genesis Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAC Holdings position performs unexpectedly, Genesis Healthcare 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 Genesis Healthcare will offset losses from the drop in Genesis Healthcare's long position.| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. Novo Integrated Sciences |
| Genesis Healthcare vs. Univec Inc | Genesis Healthcare vs. Ethema Health Corp | Genesis Healthcare vs. IMAC Holdings | Genesis Healthcare vs. The Ensign 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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