Correlation Between Talkspace and Accolade
Can any of the company-specific risk be diversified away by investing in both Talkspace and Accolade 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 Talkspace and Accolade into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Talkspace and Accolade, you can compare the effects of market volatilities on Talkspace and Accolade 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 Talkspace with a short position of Accolade. Check out your portfolio center. Please also check ongoing floating volatility patterns of Talkspace and Accolade.
Diversification Opportunities for Talkspace and Accolade
Pay attention - limited upside
The 3 months correlation between Talkspace and Accolade is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Talkspace and Accolade in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accolade and Talkspace 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 Talkspace are associated (or correlated) with Accolade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accolade has no effect on the direction of Talkspace i.e., Talkspace and Accolade go up and down completely randomly.
Pair Corralation between Talkspace and Accolade
Given the investment horizon of 90 days Talkspace is expected to generate 0.88 times more return on investment than Accolade. However, Talkspace is 1.14 times less risky than Accolade. It trades about 0.09 of its potential returns per unit of risk. Accolade is currently generating about -0.01 per unit of risk. If you would invest 84.00 in Talkspace on August 24, 2024 and sell it today you would earn a total of 247.00 from holding Talkspace or generate 294.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Talkspace vs. Accolade
Performance |
| Timeline |
| Talkspace |
| Accolade |
Talkspace and Accolade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Talkspace and Accolade
The main advantage of trading using opposite Talkspace and Accolade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Talkspace position performs unexpectedly, Accolade 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 Accolade will offset losses from the drop in Accolade's long position.| Talkspace vs. Taboola | Talkspace vs. Payoneer Global | Talkspace vs. Katapult Holdings | Talkspace vs. ATI Physical Therapy |
| Accolade vs. Privia Health Group | Accolade vs. HealthStream | Accolade vs. National Research Corp | Accolade vs. Health Catalyst |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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