Correlation Between Streamline Health and EUDA Health
Can any of the company-specific risk be diversified away by investing in both Streamline Health and EUDA Health 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 EUDA Health 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 EUDA Health Holdings, you can compare the effects of market volatilities on Streamline Health and EUDA Health 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 EUDA Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Streamline Health and EUDA Health.
Diversification Opportunities for Streamline Health and EUDA Health
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Streamline and EUDA is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Streamline Health Solutions and EUDA Health Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EUDA Health Holdings 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 EUDA Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EUDA Health Holdings has no effect on the direction of Streamline Health i.e., Streamline Health and EUDA Health go up and down completely randomly.
Pair Corralation between Streamline Health and EUDA Health
Given the investment horizon of 90 days Streamline Health Solutions is expected to generate 2.24 times more return on investment than EUDA Health. However, Streamline Health is 2.24 times more volatile than EUDA Health Holdings. It trades about 0.12 of its potential returns per unit of risk. EUDA Health Holdings is currently generating about 0.06 per unit of risk. If you would invest 223.00 in Streamline Health Solutions on September 1, 2024 and sell it today you would earn a total of 39.00 from holding Streamline Health Solutions or generate 17.49% 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. EUDA Health Holdings
Performance |
| Timeline |
| Streamline Health |
| EUDA Health Holdings |
Streamline Health and EUDA Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Streamline Health and EUDA Health
The main advantage of trading using opposite Streamline Health and EUDA Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Streamline Health position performs unexpectedly, EUDA Health 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 EUDA Health will offset losses from the drop in EUDA Health's long position.| Streamline Health vs. HealthStream | Streamline Health vs. National Research Corp | Streamline Health vs. Forian Inc | Streamline Health vs. HealthEquity |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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