Correlation Between Sabra Health and YOOMA WELLNESS
Can any of the company-specific risk be diversified away by investing in both Sabra Health and YOOMA WELLNESS 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 Sabra Health and YOOMA WELLNESS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sabra Health Care and YOOMA WELLNESS INC, you can compare the effects of market volatilities on Sabra Health and YOOMA WELLNESS 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 Sabra Health with a short position of YOOMA WELLNESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sabra Health and YOOMA WELLNESS.
Diversification Opportunities for Sabra Health and YOOMA WELLNESS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sabra and YOOMA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sabra Health Care and YOOMA WELLNESS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YOOMA WELLNESS INC and Sabra 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 Sabra Health Care are associated (or correlated) with YOOMA WELLNESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YOOMA WELLNESS INC has no effect on the direction of Sabra Health i.e., Sabra Health and YOOMA WELLNESS go up and down completely randomly.
Pair Corralation between Sabra Health and YOOMA WELLNESS
If you would invest 1,304 in Sabra Health Care on September 3, 2024 and sell it today you would earn a total of 468.00 from holding Sabra Health Care or generate 35.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sabra Health Care vs. YOOMA WELLNESS INC
Performance |
| Timeline |
| Sabra Health Care |
| YOOMA WELLNESS INC |
Sabra Health and YOOMA WELLNESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sabra Health and YOOMA WELLNESS
The main advantage of trading using opposite Sabra Health and YOOMA WELLNESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sabra Health position performs unexpectedly, YOOMA WELLNESS 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 YOOMA WELLNESS will offset losses from the drop in YOOMA WELLNESS's long position.| Sabra Health vs. THAI BEVERAGE | Sabra Health vs. Lifeway Foods | Sabra Health vs. Cal Maine Foods | Sabra Health vs. SENECA FOODS A |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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