Correlation Between BankInvest Hojrentelande and CVS Health
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By analyzing existing cross correlation between BankInvest Hojrentelande and CVS Health Corp, you can compare the effects of market volatilities on BankInvest Hojrentelande and CVS 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 BankInvest Hojrentelande with a short position of CVS Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of BankInvest Hojrentelande and CVS Health.
Diversification Opportunities for BankInvest Hojrentelande and CVS Health
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between BankInvest and CVS is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding BankInvest Hojrentelande and CVS Health Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVS Health Corp and BankInvest Hojrentelande 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 BankInvest Hojrentelande are associated (or correlated) with CVS Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVS Health Corp has no effect on the direction of BankInvest Hojrentelande i.e., BankInvest Hojrentelande and CVS Health go up and down completely randomly.
Pair Corralation between BankInvest Hojrentelande and CVS Health
Assuming the 90 days trading horizon BankInvest Hojrentelande is expected to generate 0.26 times more return on investment than CVS Health. However, BankInvest Hojrentelande is 3.91 times less risky than CVS Health. It trades about -0.03 of its potential returns per unit of risk. CVS Health Corp is currently generating about -0.28 per unit of risk. If you would invest 5,032 in BankInvest Hojrentelande on January 19, 2024 and sell it today you would lose (14.00) from holding BankInvest Hojrentelande or give up 0.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
BankInvest Hojrentelande vs. CVS Health Corp
Performance |
| Timeline |
| BankInvest Hojrentelande |
| CVS Health Corp |
BankInvest Hojrentelande and CVS Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BankInvest Hojrentelande and CVS Health
The main advantage of trading using opposite BankInvest Hojrentelande and CVS Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BankInvest Hojrentelande position performs unexpectedly, CVS 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 CVS Health will offset losses from the drop in CVS Health's long position.| BankInvest Hojrentelande vs. Jyske Invest Nye | BankInvest Hojrentelande vs. Jyske Invest Nye | BankInvest Hojrentelande vs. Jyske Invest Hjt | BankInvest Hojrentelande vs. Jyske Invest Lange |
| CVS Health vs. Humana Inc | CVS Health vs. Cigna Corp | CVS Health vs. Elevance Health | CVS Health vs. Centene Corp |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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