This module allows you to analyze existing cross correlation between CVS Health Corporation and Laboratory Corporation of America Holdings. You can compare the effects of market volatilities on CVS Health and Laboratory of 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 CVS Health with a short position of Laboratory of. See also your portfolio center. Please also check ongoing floating volatility patterns of CVS Health and Laboratory of.
CVS Health Corp. vs. Laboratory Corp. of America Ho
Considering 30-days investment horizon, CVS Health Corporation is expected to generate 1.29 times more return on investment than Laboratory of. However, CVS Health is 1.29 times more volatile than Laboratory Corporation of America Holdings. It trades about 0.33 of its potential returns per unit of risk. Laboratory Corporation of America Holdings is currently generating about -0.12 per unit of risk. If you would invest 6,634 in CVS Health Corporation on July 21, 2018 and sell it today you would earn a total of 734.00 from holding CVS Health Corporation or generate 11.06% return on investment over 30 days.
Pair Corralation between CVS Health and Laboratory of
Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Laboratory Corp. of America Ho in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Laboratory of America and CVS 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 CVS Health Corporation are associated (or correlated) with Laboratory of. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Laboratory of America has no effect on the direction of CVS Health i.e. CVS Health and Laboratory of go up and down completely randomly.
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