Correlation Between Concord Medical and MCI Onehealth
Can any of the company-specific risk be diversified away by investing in both Concord Medical and MCI Onehealth 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 Concord Medical and MCI Onehealth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concord Medical Services and MCI Onehealth Technologies, you can compare the effects of market volatilities on Concord Medical and MCI Onehealth 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 Concord Medical with a short position of MCI Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concord Medical and MCI Onehealth.
Diversification Opportunities for Concord Medical and MCI Onehealth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Concord and MCI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Concord Medical Services and MCI Onehealth Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCI Onehealth Techno and Concord Medical 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 Concord Medical Services are associated (or correlated) with MCI Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCI Onehealth Techno has no effect on the direction of Concord Medical i.e., Concord Medical and MCI Onehealth go up and down completely randomly.
Pair Corralation between Concord Medical and MCI Onehealth
If you would invest 55.00 in MCI Onehealth Technologies on August 29, 2024 and sell it today you would earn a total of 0.00 from holding MCI Onehealth Technologies or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Concord Medical Services vs. MCI Onehealth Technologies
Performance |
| Timeline |
| Concord Medical Services |
| MCI Onehealth Techno |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Concord Medical and MCI Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concord Medical and MCI Onehealth
The main advantage of trading using opposite Concord Medical and MCI Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concord Medical position performs unexpectedly, MCI Onehealth 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 MCI Onehealth will offset losses from the drop in MCI Onehealth's long position.| Concord Medical vs. Pennant Group | Concord Medical vs. Encompass Health Corp | Concord Medical vs. Enhabit | Concord Medical vs. National HealthCare |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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