Correlation Between Evolent Health and Agiliti
Can any of the company-specific risk be diversified away by investing in both Evolent Health and Agiliti 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 Evolent Health and Agiliti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Evolent Health and Agiliti, you can compare the effects of market volatilities on Evolent Health and Agiliti 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 Evolent Health with a short position of Agiliti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolent Health and Agiliti.
Diversification Opportunities for Evolent Health and Agiliti
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Evolent and Agiliti is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Evolent Health and Agiliti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agiliti and Evolent Health 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 Evolent Health are associated (or correlated) with Agiliti. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agiliti has no effect on the direction of Evolent Health i.e., Evolent Health and Agiliti go up and down completely randomly.
Pair Corralation between Evolent Health and Agiliti
If you would invest 1,689 in Agiliti on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Agiliti or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Evolent Health vs. Agiliti
Performance |
| Timeline |
| Evolent Health |
| Agiliti |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Evolent Health and Agiliti Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evolent Health and Agiliti
The main advantage of trading using opposite Evolent Health and Agiliti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolent Health position performs unexpectedly, Agiliti 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 Agiliti will offset losses from the drop in Agiliti's long position.| Evolent Health vs. HealthStream | Evolent Health vs. National Research Corp | Evolent Health vs. Forian Inc | Evolent Health vs. HealthEquity |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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