Correlation Between Epsilon Healthcare and Singular Health
Can any of the company-specific risk be diversified away by investing in both Epsilon Healthcare and Singular 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 Epsilon Healthcare and Singular Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Epsilon Healthcare and Singular Health Group, you can compare the effects of market volatilities on Epsilon Healthcare and Singular 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 Epsilon Healthcare with a short position of Singular Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Epsilon Healthcare and Singular Health.
Diversification Opportunities for Epsilon Healthcare and Singular Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Epsilon and Singular is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Epsilon Healthcare and Singular Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singular Health Group and Epsilon Healthcare 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 Epsilon Healthcare are associated (or correlated) with Singular Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singular Health Group has no effect on the direction of Epsilon Healthcare i.e., Epsilon Healthcare and Singular Health go up and down completely randomly.
Pair Corralation between Epsilon Healthcare and Singular Health
If you would invest 9.20 in Singular Health Group on August 28, 2024 and sell it today you would earn a total of 2.80 from holding Singular Health Group or generate 30.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Epsilon Healthcare vs. Singular Health Group
Performance |
| Timeline |
| Epsilon Healthcare |
| Singular Health Group |
Epsilon Healthcare and Singular Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Epsilon Healthcare and Singular Health
The main advantage of trading using opposite Epsilon Healthcare and Singular Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Epsilon Healthcare position performs unexpectedly, Singular 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 Singular Health will offset losses from the drop in Singular Health's long position.| Epsilon Healthcare vs. Toys R Us | Epsilon Healthcare vs. Alto Metals | Epsilon Healthcare vs. MFF Capital Investments | Epsilon Healthcare vs. Argo Investments |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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