Correlation Between NMC Health and IMAC Holdings
Can any of the company-specific risk be diversified away by investing in both NMC Health 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 NMC Health and IMAC Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NMC Health PLC and IMAC Holdings, you can compare the effects of market volatilities on NMC Health 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 NMC Health with a short position of IMAC Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of NMC Health and IMAC Holdings.
Diversification Opportunities for NMC Health and IMAC Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NMC and IMAC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NMC Health PLC and IMAC Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAC Holdings and NMC Health 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 NMC Health PLC 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 NMC Health i.e., NMC Health and IMAC Holdings go up and down completely randomly.
Pair Corralation between NMC Health and IMAC Holdings
If you would invest 0.02 in NMC Health PLC on November 6, 2024 and sell it today you would earn a total of 0.00 from holding NMC Health PLC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
NMC Health PLC vs. IMAC Holdings
Performance |
| Timeline |
| NMC Health PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| IMAC Holdings |
NMC Health and IMAC Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NMC Health and IMAC Holdings
The main advantage of trading using opposite NMC Health and IMAC Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NMC Health 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.| NMC Health vs. Veltex | NMC Health vs. Numinus Wellness | NMC Health vs. IMAC Holdings | NMC Health vs. P3 Health Partners |
| IMAC Holdings vs. Oncology Institute | IMAC Holdings vs. Aveanna Healthcare Holdings | IMAC Holdings vs. P3 Health Partners | IMAC Holdings vs. HCA Holdings |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |