Correlation Between Credit Acceptance and Hospital Mater
Can any of the company-specific risk be diversified away by investing in both Credit Acceptance and Hospital Mater 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 Credit Acceptance and Hospital Mater into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Credit Acceptance and Hospital Mater Dei, you can compare the effects of market volatilities on Credit Acceptance and Hospital Mater 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 Credit Acceptance with a short position of Hospital Mater. Check out your portfolio center. Please also check ongoing floating volatility patterns of Credit Acceptance and Hospital Mater.
Diversification Opportunities for Credit Acceptance and Hospital Mater
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Credit and Hospital is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Credit Acceptance and Hospital Mater Dei in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hospital Mater Dei and Credit Acceptance 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 Credit Acceptance are associated (or correlated) with Hospital Mater. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hospital Mater Dei has no effect on the direction of Credit Acceptance i.e., Credit Acceptance and Hospital Mater go up and down completely randomly.
Pair Corralation between Credit Acceptance and Hospital Mater
If you would invest 32,500 in Credit Acceptance on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Credit Acceptance or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Credit Acceptance vs. Hospital Mater Dei
Performance |
| Timeline |
| Credit Acceptance |
| Hospital Mater Dei |
Credit Acceptance and Hospital Mater Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Credit Acceptance and Hospital Mater
The main advantage of trading using opposite Credit Acceptance and Hospital Mater positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Credit Acceptance position performs unexpectedly, Hospital Mater 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 Hospital Mater will offset losses from the drop in Hospital Mater's long position.| Credit Acceptance vs. Prudential Financial | Credit Acceptance vs. Deutsche Bank Aktiengesellschaft | Credit Acceptance vs. Hospital Mater Dei | Credit Acceptance vs. salesforce inc |
| Hospital Mater vs. CVS Health | Hospital Mater vs. Healthpeak Properties | Hospital Mater vs. Verizon Communications | Hospital Mater vs. Zoom Video Communications |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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