Correlation Between Cano Health and Jack Nathan
Can any of the company-specific risk be diversified away by investing in both Cano Health and Jack Nathan 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 Jack Nathan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cano Health and Jack Nathan Medical, you can compare the effects of market volatilities on Cano Health and Jack Nathan 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 Jack Nathan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cano Health and Jack Nathan.
Diversification Opportunities for Cano Health and Jack Nathan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cano and Jack is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cano Health and Jack Nathan Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jack Nathan Medical 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 Jack Nathan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jack Nathan Medical has no effect on the direction of Cano Health i.e., Cano Health and Jack Nathan go up and down completely randomly.
Pair Corralation between Cano Health and Jack Nathan
If you would invest 2.30 in Jack Nathan Medical on October 23, 2024 and sell it today you would earn a total of 0.60 from holding Jack Nathan Medical or generate 26.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Cano Health vs. Jack Nathan Medical
Performance |
| Timeline |
| Cano Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jack Nathan Medical |
Cano Health and Jack Nathan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cano Health and Jack Nathan
The main advantage of trading using opposite Cano Health and Jack Nathan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cano Health position performs unexpectedly, Jack Nathan 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 Jack Nathan will offset losses from the drop in Jack Nathan's long position.| Cano Health vs. Oncology Institute | Cano Health vs. Lifestance Health Group | Cano Health vs. agilon health | Cano Health vs. Pennant Group |
| Jack Nathan vs. Medical Facilities | Jack Nathan vs. Fresenius SE Co | Jack Nathan vs. Ramsay Health Care | Jack Nathan vs. Nova Leap Health |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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