Correlation Between Assure Holdings and Medical Facilities
Can any of the company-specific risk be diversified away by investing in both Assure Holdings and Medical Facilities 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 Medical Facilities 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 Medical Facilities, you can compare the effects of market volatilities on Assure Holdings and Medical Facilities 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 Medical Facilities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Assure Holdings and Medical Facilities.
Diversification Opportunities for Assure Holdings and Medical Facilities
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Assure and Medical is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Assure Holdings Corp and Medical Facilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medical Facilities 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 Medical Facilities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medical Facilities has no effect on the direction of Assure Holdings i.e., Assure Holdings and Medical Facilities go up and down completely randomly.
Pair Corralation between Assure Holdings and Medical Facilities
If you would invest 1,046 in Medical Facilities on August 30, 2024 and sell it today you would earn a total of 104.00 from holding Medical Facilities or generate 9.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Assure Holdings Corp vs. Medical Facilities
Performance |
| Timeline |
| Assure Holdings Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Medical Facilities |
Assure Holdings and Medical Facilities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Assure Holdings and Medical Facilities
The main advantage of trading using opposite Assure Holdings and Medical Facilities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Assure Holdings position performs unexpectedly, Medical Facilities 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 Medical Facilities will offset losses from the drop in Medical Facilities' 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 |
| Medical Facilities vs. Jack Nathan Medical | Medical Facilities vs. Fresenius SE Co | Medical Facilities vs. Ramsay Health Care | Medical Facilities vs. Pennant 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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