Correlation Between Streamline Health and Sharecare
Can any of the company-specific risk be diversified away by investing in both Streamline Health and Sharecare 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 Sharecare 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 Sharecare, you can compare the effects of market volatilities on Streamline Health and Sharecare 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 Sharecare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Streamline Health and Sharecare.
Diversification Opportunities for Streamline Health and Sharecare
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Streamline and Sharecare is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Streamline Health Solutions and Sharecare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharecare 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 Sharecare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharecare has no effect on the direction of Streamline Health i.e., Streamline Health and Sharecare go up and down completely randomly.
Pair Corralation between Streamline Health and Sharecare
Given the investment horizon of 90 days Streamline Health Solutions is expected to under-perform the Sharecare. In addition to that, Streamline Health is 1.22 times more volatile than Sharecare. It trades about -0.01 of its total potential returns per unit of risk. Sharecare is currently generating about 0.1 per unit of volatility. If you would invest 81.00 in Sharecare on September 2, 2024 and sell it today you would earn a total of 62.00 from holding Sharecare or generate 76.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.78% |
| Values | Daily Returns |
Streamline Health Solutions vs. Sharecare
Performance |
| Timeline |
| Streamline Health |
| Sharecare |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Streamline Health and Sharecare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Streamline Health and Sharecare
The main advantage of trading using opposite Streamline Health and Sharecare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Streamline Health position performs unexpectedly, Sharecare 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 Sharecare will offset losses from the drop in Sharecare's long position.| Streamline Health vs. HealthStream | Streamline Health vs. National Research Corp | Streamline Health vs. Forian Inc | Streamline Health vs. HealthEquity |
| Sharecare vs. Privia Health Group | Sharecare vs. Evolent Health | Sharecare vs. HealthStream | Sharecare 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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