Correlation Between IMAC Holdings and Numinus Wellness
Can any of the company-specific risk be diversified away by investing in both IMAC Holdings and Numinus Wellness 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 Numinus Wellness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAC Holdings and Numinus Wellness, you can compare the effects of market volatilities on IMAC Holdings and Numinus Wellness 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 Numinus Wellness. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAC Holdings and Numinus Wellness.
Diversification Opportunities for IMAC Holdings and Numinus Wellness
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IMAC and Numinus is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding IMAC Holdings and Numinus Wellness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Numinus Wellness 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 Numinus Wellness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Numinus Wellness has no effect on the direction of IMAC Holdings i.e., IMAC Holdings and Numinus Wellness go up and down completely randomly.
Pair Corralation between IMAC Holdings and Numinus Wellness
Given the investment horizon of 90 days IMAC Holdings is expected to generate 0.81 times more return on investment than Numinus Wellness. However, IMAC Holdings is 1.24 times less risky than Numinus Wellness. It trades about 0.13 of its potential returns per unit of risk. Numinus Wellness is currently generating about 0.09 per unit of risk. If you would invest 115.00 in IMAC Holdings on October 15, 2024 and sell it today you would earn a total of 12.00 from holding IMAC Holdings or generate 10.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAC Holdings vs. Numinus Wellness
Performance |
| Timeline |
| IMAC Holdings |
| Numinus Wellness |
IMAC Holdings and Numinus Wellness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAC Holdings and Numinus Wellness
The main advantage of trading using opposite IMAC Holdings and Numinus Wellness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAC Holdings position performs unexpectedly, Numinus Wellness 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 Numinus Wellness will offset losses from the drop in Numinus Wellness' long position.| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. HCA Holdings |
| Numinus Wellness vs. Concord Medical Services | Numinus Wellness vs. American Shared Hospital | Numinus Wellness vs. Sonida Senior Living | Numinus Wellness vs. Oncology Institute |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |