Correlation Between Cano Health and Blade Air
Can any of the company-specific risk be diversified away by investing in both Cano Health and Blade Air 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 Cano Health and Blade Air into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cano Health and Blade Air Mobility, you can compare the effects of market volatilities on Cano Health and Blade Air 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 Cano Health with a short position of Blade Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cano Health and Blade Air.
Diversification Opportunities for Cano Health and Blade Air
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cano and Blade is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Cano Health and Blade Air Mobility in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blade Air Mobility and Cano Health 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 Cano Health are associated (or correlated) with Blade Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blade Air Mobility has no effect on the direction of Cano Health i.e., Cano Health and Blade Air go up and down completely randomly.
Pair Corralation between Cano Health and Blade Air
If you would invest 137.00 in Cano Health on August 24, 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 Together |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Cano Health vs. Blade Air Mobility
Performance |
| Timeline |
| Cano Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Blade Air Mobility |
Cano Health and Blade Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cano Health and Blade Air
The main advantage of trading using opposite Cano Health and Blade Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cano Health position performs unexpectedly, Blade Air 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 Blade Air will offset losses from the drop in Blade Air's long position.| Cano Health vs. Oncology Institute | Cano Health vs. Lifestance Health Group | Cano Health vs. agilon health | Cano Health vs. Pennant Group |
| Blade Air vs. Grupo Aeroportuario del | Blade Air vs. Auckland International Airport | Blade Air vs. Aeroports de Paris | Blade Air vs. Aena SME SA |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Stocks Directory Find actively traded stocks across global markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |