Correlation Between CryoCell International and Agilon Health
Can any of the company-specific risk be diversified away by investing in both CryoCell International and Agilon 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 CryoCell International and Agilon Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CryoCell International and agilon health, you can compare the effects of market volatilities on CryoCell International and Agilon 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 CryoCell International with a short position of Agilon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of CryoCell International and Agilon Health.
Diversification Opportunities for CryoCell International and Agilon Health
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CryoCell and Agilon is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding CryoCell International and agilon health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on agilon health and CryoCell International 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 CryoCell International are associated (or correlated) with Agilon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of agilon health has no effect on the direction of CryoCell International i.e., CryoCell International and Agilon Health go up and down completely randomly.
Pair Corralation between CryoCell International and Agilon Health
Given the investment horizon of 90 days CryoCell International is expected to generate 0.36 times more return on investment than Agilon Health. However, CryoCell International is 2.8 times less risky than Agilon Health. It trades about 0.31 of its potential returns per unit of risk. agilon health is currently generating about -0.03 per unit of risk. If you would invest 713.00 in CryoCell International on September 1, 2024 and sell it today you would earn a total of 196.00 from holding CryoCell International or generate 27.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CryoCell International vs. agilon health
Performance |
| Timeline |
| CryoCell International |
| agilon health |
CryoCell International and Agilon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CryoCell International and Agilon Health
The main advantage of trading using opposite CryoCell International and Agilon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CryoCell International position performs unexpectedly, Agilon 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 Agilon Health will offset losses from the drop in Agilon Health's long position.| CryoCell International vs. National HealthCare | CryoCell International vs. InnovAge Holding Corp | CryoCell International vs. Pennant Group | CryoCell International vs. Encompass Health Corp |
| Agilon Health vs. The Ensign Group | Agilon Health vs. Universal Health Services | Agilon Health vs. Addus HomeCare | Agilon Health vs. Encompass Health Corp |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |