Correlation Between Viemed Healthcare and Bullfrog
Can any of the company-specific risk be diversified away by investing in both Viemed Healthcare and Bullfrog 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 Viemed Healthcare and Bullfrog into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Viemed Healthcare and Bullfrog AI Holdings,, you can compare the effects of market volatilities on Viemed Healthcare and Bullfrog 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 Viemed Healthcare with a short position of Bullfrog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viemed Healthcare and Bullfrog.
Diversification Opportunities for Viemed Healthcare and Bullfrog
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Viemed and Bullfrog is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Viemed Healthcare and Bullfrog AI Holdings, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bullfrog AI Holdings, and Viemed Healthcare 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 Viemed Healthcare are associated (or correlated) with Bullfrog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bullfrog AI Holdings, has no effect on the direction of Viemed Healthcare i.e., Viemed Healthcare and Bullfrog go up and down completely randomly.
Pair Corralation between Viemed Healthcare and Bullfrog
Considering the 90-day investment horizon Viemed Healthcare is expected to generate 0.5 times more return on investment than Bullfrog. However, Viemed Healthcare is 1.99 times less risky than Bullfrog. It trades about 0.21 of its potential returns per unit of risk. Bullfrog AI Holdings, is currently generating about -0.14 per unit of risk. If you would invest 724.00 in Viemed Healthcare on August 27, 2024 and sell it today you would earn a total of 141.00 from holding Viemed Healthcare or generate 19.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viemed Healthcare vs. Bullfrog AI Holdings,
Performance |
| Timeline |
| Viemed Healthcare |
| Bullfrog AI Holdings, |
Viemed Healthcare and Bullfrog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viemed Healthcare and Bullfrog
The main advantage of trading using opposite Viemed Healthcare and Bullfrog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viemed Healthcare position performs unexpectedly, Bullfrog 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 Bullfrog will offset losses from the drop in Bullfrog's long position.| Viemed Healthcare vs. Heartbeam | Viemed Healthcare vs. EUDA Health Holdings | Viemed Healthcare vs. Nutex Health | Viemed Healthcare vs. Healthcare Triangle |
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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