Correlation Between HealthEquity and Agiliti
Can any of the company-specific risk be diversified away by investing in both HealthEquity 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 HealthEquity and Agiliti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HealthEquity and Agiliti, you can compare the effects of market volatilities on HealthEquity 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 HealthEquity with a short position of Agiliti. Check out your portfolio center. Please also check ongoing floating volatility patterns of HealthEquity and Agiliti.
Diversification Opportunities for HealthEquity and Agiliti
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HealthEquity and Agiliti is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HealthEquity and Agiliti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agiliti and HealthEquity 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 HealthEquity 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 HealthEquity i.e., HealthEquity and Agiliti go up and down completely randomly.
Pair Corralation between HealthEquity and Agiliti
If you would invest 9,974 in HealthEquity on November 9, 2024 and sell it today you would earn a total of 1,233 from holding HealthEquity or generate 12.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HealthEquity vs. Agiliti
Performance |
| Timeline |
| HealthEquity |
| Agiliti |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
HealthEquity and Agiliti Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HealthEquity and Agiliti
The main advantage of trading using opposite HealthEquity and Agiliti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HealthEquity 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.| HealthEquity vs. Ollies Bargain Outlet | HealthEquity vs. Appfolio | HealthEquity vs. Grand Canyon Education | HealthEquity vs. Globus Medical |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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