Correlation Between Cue Health and Nutex Health
Can any of the company-specific risk be diversified away by investing in both Cue Health and Nutex 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 Cue Health and Nutex Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cue Health and Nutex Health, you can compare the effects of market volatilities on Cue Health and Nutex 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 Cue Health with a short position of Nutex Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cue Health and Nutex Health.
Diversification Opportunities for Cue Health and Nutex Health
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cue and Nutex is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Cue Health and Nutex Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nutex Health and Cue 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 Cue Health are associated (or correlated) with Nutex Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nutex Health has no effect on the direction of Cue Health i.e., Cue Health and Nutex Health go up and down completely randomly.
Pair Corralation between Cue Health and Nutex Health
If you would invest 2,400 in Nutex Health on August 29, 2024 and sell it today you would earn a total of 1,076 from holding Nutex Health or generate 44.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Cue Health vs. Nutex Health
Performance |
| Timeline |
| Cue Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nutex Health |
Cue Health and Nutex Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cue Health and Nutex Health
The main advantage of trading using opposite Cue Health and Nutex Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cue Health position performs unexpectedly, Nutex 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 Nutex Health will offset losses from the drop in Nutex Health's long position.| Cue Health vs. CareMax | Cue Health vs. Premier | Cue Health vs. HealthStream | Cue Health vs. EUDA Health Holdings |
| Nutex Health vs. FOXO Technologies | Nutex Health vs. Heartbeam | Nutex Health vs. EUDA Health Holdings | Nutex Health vs. Privia Health Group |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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