Correlation Between Reliq Health and Achiko AG
Can any of the company-specific risk be diversified away by investing in both Reliq Health and Achiko AG 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 Reliq Health and Achiko AG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Reliq Health Technologies and Achiko AG, you can compare the effects of market volatilities on Reliq Health and Achiko AG 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 Reliq Health with a short position of Achiko AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Reliq Health and Achiko AG.
Diversification Opportunities for Reliq Health and Achiko AG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Reliq and Achiko is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Reliq Health Technologies and Achiko AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Achiko AG and Reliq 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 Reliq Health Technologies are associated (or correlated) with Achiko AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Achiko AG has no effect on the direction of Reliq Health i.e., Reliq Health and Achiko AG go up and down completely randomly.
Pair Corralation between Reliq Health and Achiko AG
Assuming the 90 days horizon Reliq Health Technologies is expected to generate 11.1 times more return on investment than Achiko AG. However, Reliq Health is 11.1 times more volatile than Achiko AG. It trades about 0.06 of its potential returns per unit of risk. Achiko AG is currently generating about -0.09 per unit of risk. If you would invest 38.00 in Reliq Health Technologies on September 13, 2024 and sell it today you would lose (37.99) from holding Reliq Health Technologies or give up 99.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Reliq Health Technologies vs. Achiko AG
Performance |
| Timeline |
| Reliq Health Technologies |
| Achiko AG |
Reliq Health and Achiko AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Reliq Health and Achiko AG
The main advantage of trading using opposite Reliq Health and Achiko AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Reliq Health position performs unexpectedly, Achiko AG 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 Achiko AG will offset losses from the drop in Achiko AG's long position.| Reliq Health vs. Achiko AG | Reliq Health vs. NetraMark Holdings | Reliq Health vs. EGF Theramed Health | Reliq Health vs. Mitesco |
| Achiko AG vs. Veeva Systems Class | Achiko AG vs. GE HealthCare Technologies | Achiko AG vs. M3 Inc | Achiko AG vs. Solventum Corp |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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