Correlation Between MyHealthChecked Plc and Gaztransport
Can any of the company-specific risk be diversified away by investing in both MyHealthChecked Plc and Gaztransport 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 MyHealthChecked Plc and Gaztransport into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MyHealthChecked Plc and Gaztransport et Technigaz, you can compare the effects of market volatilities on MyHealthChecked Plc and Gaztransport 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 MyHealthChecked Plc with a short position of Gaztransport. Check out your portfolio center. Please also check ongoing floating volatility patterns of MyHealthChecked Plc and Gaztransport.
Diversification Opportunities for MyHealthChecked Plc and Gaztransport
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MyHealthChecked and Gaztransport is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding MyHealthChecked Plc and Gaztransport et Technigaz in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gaztransport et Technigaz and MyHealthChecked Plc 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 MyHealthChecked Plc are associated (or correlated) with Gaztransport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gaztransport et Technigaz has no effect on the direction of MyHealthChecked Plc i.e., MyHealthChecked Plc and Gaztransport go up and down completely randomly.
Pair Corralation between MyHealthChecked Plc and Gaztransport
Assuming the 90 days trading horizon MyHealthChecked Plc is expected to under-perform the Gaztransport. In addition to that, MyHealthChecked Plc is 2.98 times more volatile than Gaztransport et Technigaz. It trades about -0.15 of its total potential returns per unit of risk. Gaztransport et Technigaz is currently generating about -0.04 per unit of volatility. If you would invest 13,435 in Gaztransport et Technigaz on September 13, 2024 and sell it today you would lose (135.00) from holding Gaztransport et Technigaz or give up 1.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MyHealthChecked Plc vs. Gaztransport et Technigaz
Performance |
| Timeline |
| MyHealthChecked Plc |
| Gaztransport et Technigaz |
MyHealthChecked Plc and Gaztransport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MyHealthChecked Plc and Gaztransport
The main advantage of trading using opposite MyHealthChecked Plc and Gaztransport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MyHealthChecked Plc position performs unexpectedly, Gaztransport 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 Gaztransport will offset losses from the drop in Gaztransport's long position.| MyHealthChecked Plc vs. Teradata Corp | MyHealthChecked Plc vs. mobilezone holding AG | MyHealthChecked Plc vs. Scandinavian Tobacco Group | MyHealthChecked Plc vs. Fidelity National Information |
| Gaztransport vs. Samsung Electronics Co | Gaztransport vs. Samsung Electronics Co | Gaztransport vs. Hyundai Motor | Gaztransport vs. Reliance Industries Ltd |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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