Correlation Between OneMedNet Corp and Cellnex Telecom
Can any of the company-specific risk be diversified away by investing in both OneMedNet Corp and Cellnex Telecom 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 OneMedNet Corp and Cellnex Telecom into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OneMedNet Corp and Cellnex Telecom SA, you can compare the effects of market volatilities on OneMedNet Corp and Cellnex Telecom 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 OneMedNet Corp with a short position of Cellnex Telecom. Check out your portfolio center. Please also check ongoing floating volatility patterns of OneMedNet Corp and Cellnex Telecom.
Diversification Opportunities for OneMedNet Corp and Cellnex Telecom
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OneMedNet and Cellnex is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding OneMedNet Corp and Cellnex Telecom SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellnex Telecom SA and OneMedNet Corp 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 OneMedNet Corp are associated (or correlated) with Cellnex Telecom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellnex Telecom SA has no effect on the direction of OneMedNet Corp i.e., OneMedNet Corp and Cellnex Telecom go up and down completely randomly.
Pair Corralation between OneMedNet Corp and Cellnex Telecom
Given the investment horizon of 90 days OneMedNet Corp is expected to generate 3.69 times more return on investment than Cellnex Telecom. However, OneMedNet Corp is 3.69 times more volatile than Cellnex Telecom SA. It trades about 0.04 of its potential returns per unit of risk. Cellnex Telecom SA is currently generating about -0.07 per unit of risk. If you would invest 99.00 in OneMedNet Corp on November 2, 2024 and sell it today you would earn a total of 3.00 from holding OneMedNet Corp or generate 3.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.17% |
| Values | Daily Returns |
OneMedNet Corp vs. Cellnex Telecom SA
Performance |
| Timeline |
| OneMedNet Corp |
| Cellnex Telecom SA |
OneMedNet Corp and Cellnex Telecom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OneMedNet Corp and Cellnex Telecom
The main advantage of trading using opposite OneMedNet Corp and Cellnex Telecom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OneMedNet Corp position performs unexpectedly, Cellnex Telecom 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 Cellnex Telecom will offset losses from the drop in Cellnex Telecom's long position.| OneMedNet Corp vs. Air Products and | OneMedNet Corp vs. Stepan Company | OneMedNet Corp vs. Viemed Healthcare | OneMedNet Corp vs. Alvotech |
| Cellnex Telecom vs. CBRE Group Class | Cellnex Telecom vs. Cushman Wakefield plc | Cellnex Telecom vs. Newmark Group | Cellnex Telecom vs. Colliers International 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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