Correlation Between Viemed Healthcare and Bausch
Specify exactly 2 symbols:
By analyzing existing cross correlation between Viemed Healthcare and Bausch Health Companies, you can compare the effects of market volatilities on Viemed Healthcare and Bausch 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 Bausch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viemed Healthcare and Bausch.
Diversification Opportunities for Viemed Healthcare and Bausch
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Viemed and Bausch is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Viemed Healthcare and Bausch Health Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bausch Health Companies 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 Bausch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bausch Health Companies has no effect on the direction of Viemed Healthcare i.e., Viemed Healthcare and Bausch go up and down completely randomly.
Pair Corralation between Viemed Healthcare and Bausch
Considering the 90-day investment horizon Viemed Healthcare is expected to generate 1.0 times more return on investment than Bausch. However, Viemed Healthcare is 1.0 times more volatile than Bausch Health Companies. It trades about 0.14 of its potential returns per unit of risk. Bausch Health Companies is currently generating about 0.09 per unit of risk. If you would invest 747.00 in Viemed Healthcare on September 12, 2024 and sell it today you would earn a total of 142.00 from holding Viemed Healthcare or generate 19.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 54.69% |
| Values | Daily Returns |
Viemed Healthcare vs. Bausch Health Companies
Performance |
| Timeline |
| Viemed Healthcare |
| Bausch Health Companies |
Viemed Healthcare and Bausch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viemed Healthcare and Bausch
The main advantage of trading using opposite Viemed Healthcare and Bausch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viemed Healthcare position performs unexpectedly, Bausch 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 Bausch will offset losses from the drop in Bausch's long position.| Viemed Healthcare vs. Profound Medical Corp | Viemed Healthcare vs. Si Bone | Viemed Healthcare vs. IRIDEX | Viemed Healthcare vs. SurModics |
| Bausch vs. Acco Brands | Bausch vs. John Wiley Sons | Bausch vs. Universal Technical Institute | Bausch vs. Delek Logistics Partners |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |