Correlation Between Streamline Health and Innovator ETFs
Can any of the company-specific risk be diversified away by investing in both Streamline Health and Innovator ETFs 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 Streamline Health and Innovator ETFs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Streamline Health Solutions and Innovator ETFs Trust, you can compare the effects of market volatilities on Streamline Health and Innovator ETFs 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 Streamline Health with a short position of Innovator ETFs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Streamline Health and Innovator ETFs.
Diversification Opportunities for Streamline Health and Innovator ETFs
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Streamline and Innovator is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Streamline Health Solutions and Innovator ETFs Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovator ETFs Trust and Streamline 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 Streamline Health Solutions are associated (or correlated) with Innovator ETFs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovator ETFs Trust has no effect on the direction of Streamline Health i.e., Streamline Health and Innovator ETFs go up and down completely randomly.
Pair Corralation between Streamline Health and Innovator ETFs
Given the investment horizon of 90 days Streamline Health Solutions is expected to generate 7.78 times more return on investment than Innovator ETFs. However, Streamline Health is 7.78 times more volatile than Innovator ETFs Trust. It trades about 0.15 of its potential returns per unit of risk. Innovator ETFs Trust is currently generating about 0.3 per unit of risk. If you would invest 215.00 in Streamline Health Solutions on August 30, 2024 and sell it today you would earn a total of 63.00 from holding Streamline Health Solutions or generate 29.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Streamline Health Solutions vs. Innovator ETFs Trust
Performance |
| Timeline |
| Streamline Health |
| Innovator ETFs Trust |
Streamline Health and Innovator ETFs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Streamline Health and Innovator ETFs
The main advantage of trading using opposite Streamline Health and Innovator ETFs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Streamline Health position performs unexpectedly, Innovator ETFs 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 Innovator ETFs will offset losses from the drop in Innovator ETFs' long position.| Streamline Health vs. HealthStream | Streamline Health vs. National Research Corp | Streamline Health vs. Forian Inc | Streamline Health vs. HealthEquity |
| Innovator ETFs vs. Innovator IBD 50 | Innovator ETFs vs. Marketwise | Innovator ETFs vs. MoonLake Immunotherapeutics | Innovator ETFs vs. Streamline Health Solutions |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |