Correlation Between CompuGroup Medical and Accelera Innovations
Can any of the company-specific risk be diversified away by investing in both CompuGroup Medical and Accelera Innovations 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 CompuGroup Medical and Accelera Innovations into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CompuGroup Medical SE and Accelera Innovations, you can compare the effects of market volatilities on CompuGroup Medical and Accelera Innovations 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 CompuGroup Medical with a short position of Accelera Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of CompuGroup Medical and Accelera Innovations.
Diversification Opportunities for CompuGroup Medical and Accelera Innovations
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CompuGroup and Accelera is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CompuGroup Medical SE and Accelera Innovations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelera Innovations and CompuGroup 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 CompuGroup Medical SE are associated (or correlated) with Accelera Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelera Innovations has no effect on the direction of CompuGroup Medical i.e., CompuGroup Medical and Accelera Innovations go up and down completely randomly.
Pair Corralation between CompuGroup Medical and Accelera Innovations
If you would invest 0.01 in Accelera Innovations on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Accelera Innovations or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
CompuGroup Medical SE vs. Accelera Innovations
Performance |
| Timeline |
| CompuGroup Medical |
| Accelera Innovations |
CompuGroup Medical and Accelera Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CompuGroup Medical and Accelera Innovations
The main advantage of trading using opposite CompuGroup Medical and Accelera Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CompuGroup Medical position performs unexpectedly, Accelera Innovations 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 Accelera Innovations will offset losses from the drop in Accelera Innovations' long position.| CompuGroup Medical vs. GE HealthCare Technologies | CompuGroup Medical vs. Veeva Systems Class | CompuGroup Medical vs. Solventum Corp | CompuGroup Medical vs. Doximity |
| Accelera Innovations vs. GE HealthCare Technologies | Accelera Innovations vs. Veeva Systems Class | Accelera Innovations vs. Solventum Corp | Accelera Innovations vs. Doximity |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |