Correlation Between Bullfrog and Nutex Health
Can any of the company-specific risk be diversified away by investing in both Bullfrog and Nutex 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 Bullfrog and Nutex Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bullfrog AI Holdings, and Nutex Health, you can compare the effects of market volatilities on Bullfrog and Nutex 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 Bullfrog with a short position of Nutex Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bullfrog and Nutex Health.
Diversification Opportunities for Bullfrog and Nutex Health
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bullfrog and Nutex is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Bullfrog AI Holdings, and Nutex Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nutex Health and Bullfrog 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 Bullfrog AI Holdings, are associated (or correlated) with Nutex Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nutex Health has no effect on the direction of Bullfrog i.e., Bullfrog and Nutex Health go up and down completely randomly.
Pair Corralation between Bullfrog and Nutex Health
Assuming the 90 days horizon Bullfrog is expected to generate 1.07 times less return on investment than Nutex Health. In addition to that, Bullfrog is 1.52 times more volatile than Nutex Health. It trades about 0.19 of its total potential returns per unit of risk. Nutex Health is currently generating about 0.3 per unit of volatility. If you would invest 2,229 in Nutex Health on September 1, 2024 and sell it today you would earn a total of 1,491 from holding Nutex Health or generate 66.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bullfrog AI Holdings, vs. Nutex Health
Performance |
| Timeline |
| Bullfrog AI Holdings, |
| Nutex Health |
Bullfrog and Nutex Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bullfrog and Nutex Health
The main advantage of trading using opposite Bullfrog and Nutex Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bullfrog position performs unexpectedly, Nutex 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 Nutex Health will offset losses from the drop in Nutex Health's long position.| Bullfrog vs. SunLink Health Systems | Bullfrog vs. The Gap, | Bullfrog vs. Grocery Outlet Holding | Bullfrog vs. Titan Machinery |
| Nutex Health vs. Profound Medical Corp | Nutex Health vs. Si Bone | Nutex Health vs. Nevro Corp | Nutex Health vs. Paragon 28 |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Stocks Directory Find actively traded stocks across global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |