Correlation Between Assure Holdings and IMAC Holdings
Can any of the company-specific risk be diversified away by investing in both Assure Holdings and IMAC Holdings 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 Assure Holdings and IMAC Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Assure Holdings Corp and IMAC Holdings, you can compare the effects of market volatilities on Assure Holdings and IMAC Holdings 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 Assure Holdings with a short position of IMAC Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Assure Holdings and IMAC Holdings.
Diversification Opportunities for Assure Holdings and IMAC Holdings
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Assure and IMAC is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Assure Holdings Corp and IMAC Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAC Holdings and Assure Holdings 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 Assure Holdings Corp are associated (or correlated) with IMAC Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAC Holdings has no effect on the direction of Assure Holdings i.e., Assure Holdings and IMAC Holdings go up and down completely randomly.
Pair Corralation between Assure Holdings and IMAC Holdings
Given the investment horizon of 90 days Assure Holdings Corp is expected to under-perform the IMAC Holdings. In addition to that, Assure Holdings is 1.29 times more volatile than IMAC Holdings. It trades about -0.03 of its total potential returns per unit of risk. IMAC Holdings is currently generating about 0.0 per unit of volatility. If you would invest 384.00 in IMAC Holdings on August 31, 2024 and sell it today you would lose (277.00) from holding IMAC Holdings or give up 72.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 76.47% |
| Values | Daily Returns |
Assure Holdings Corp vs. IMAC Holdings
Performance |
| Timeline |
| Assure Holdings Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| IMAC Holdings |
Assure Holdings and IMAC Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Assure Holdings and IMAC Holdings
The main advantage of trading using opposite Assure Holdings and IMAC Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Assure Holdings position performs unexpectedly, IMAC Holdings 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 IMAC Holdings will offset losses from the drop in IMAC Holdings' long position.| Assure Holdings vs. Novo Integrated Sciences | Assure Holdings vs. Aveanna Healthcare Holdings | Assure Holdings vs. P3 Health Partners | Assure Holdings vs. Sonida Senior Living |
| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. Novo Integrated Sciences |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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