Correlation Between IHH Healthcare and MCI Onehealth
Can any of the company-specific risk be diversified away by investing in both IHH Healthcare and MCI Onehealth 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 IHH Healthcare and MCI Onehealth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IHH Healthcare Berhad and MCI Onehealth Technologies, you can compare the effects of market volatilities on IHH Healthcare and MCI Onehealth 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 IHH Healthcare with a short position of MCI Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of IHH Healthcare and MCI Onehealth.
Diversification Opportunities for IHH Healthcare and MCI Onehealth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IHH and MCI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IHH Healthcare Berhad and MCI Onehealth Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCI Onehealth Techno and IHH 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 IHH Healthcare Berhad are associated (or correlated) with MCI Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCI Onehealth Techno has no effect on the direction of IHH Healthcare i.e., IHH Healthcare and MCI Onehealth go up and down completely randomly.
Pair Corralation between IHH Healthcare and MCI Onehealth
If you would invest 116.00 in IHH Healthcare Berhad on September 4, 2024 and sell it today you would earn a total of 3.00 from holding IHH Healthcare Berhad or generate 2.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.49% |
| Values | Daily Returns |
IHH Healthcare Berhad vs. MCI Onehealth Technologies
Performance |
| Timeline |
| IHH Healthcare Berhad |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| MCI Onehealth Techno |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
IHH Healthcare and MCI Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IHH Healthcare and MCI Onehealth
The main advantage of trading using opposite IHH Healthcare and MCI Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IHH Healthcare position performs unexpectedly, MCI Onehealth 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 MCI Onehealth will offset losses from the drop in MCI Onehealth's long position.| IHH Healthcare vs. Tower Semiconductor | IHH Healthcare vs. Entegris | IHH Healthcare vs. Analog Devices | IHH Healthcare vs. Elmos Semiconductor SE |
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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 Stocks Directory module to find actively traded stocks across global markets.
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