Correlation Between Trustcash Holdings and Cano Health
Can any of the company-specific risk be diversified away by investing in both Trustcash Holdings and Cano 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 Trustcash Holdings and Cano Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Trustcash Holdings and Cano Health, you can compare the effects of market volatilities on Trustcash Holdings and Cano 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 Trustcash Holdings with a short position of Cano Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Trustcash Holdings and Cano Health.
Diversification Opportunities for Trustcash Holdings and Cano Health
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Trustcash and Cano is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Trustcash Holdings and Cano Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cano Health and Trustcash Holdings 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 Trustcash Holdings are associated (or correlated) with Cano Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cano Health has no effect on the direction of Trustcash Holdings i.e., Trustcash Holdings and Cano Health go up and down completely randomly.
Pair Corralation between Trustcash Holdings and Cano Health
If you would invest 137.00 in Cano Health on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Cano Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 1.59% |
| Values | Daily Returns |
Trustcash Holdings vs. Cano Health
Performance |
| Timeline |
| Trustcash Holdings |
| Cano Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Trustcash Holdings and Cano Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Trustcash Holdings and Cano Health
The main advantage of trading using opposite Trustcash Holdings and Cano Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Trustcash Holdings position performs unexpectedly, Cano 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 Cano Health will offset losses from the drop in Cano Health's long position.| Trustcash Holdings vs. Park Electrochemical | Trustcash Holdings vs. Innovative Solutions and | Trustcash Holdings vs. Curtiss Wright | Trustcash Holdings vs. National Presto Industries |
| Cano Health vs. Oncology Institute | Cano Health vs. Lifestance Health Group | Cano Health vs. agilon health | Cano Health vs. Pennant Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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