Correlation Between Migdal Mutual and CVS Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Migdal Mutual Funds and CVS Health Corp, you can compare the effects of market volatilities on Migdal Mutual 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 Migdal Mutual with a short position of CVS Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Migdal Mutual and CVS Health.
Diversification Opportunities for Migdal Mutual and CVS Health
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Migdal and CVS is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds 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 Migdal Mutual 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 Migdal Mutual Funds 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 Migdal Mutual i.e., Migdal Mutual and CVS Health go up and down completely randomly.
Pair Corralation between Migdal Mutual and CVS Health
Assuming the 90 days trading horizon Migdal Mutual Funds is expected to generate 0.62 times more return on investment than CVS Health. However, Migdal Mutual Funds is 1.62 times less risky than CVS Health. It trades about 0.1 of its potential returns per unit of risk. CVS Health Corp is currently generating about -0.36 per unit of risk. If you would invest 253,400 in Migdal Mutual Funds on January 26, 2024 and sell it today you would earn a total of 4,600 from holding Migdal Mutual Funds or generate 1.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Migdal Mutual Funds vs. CVS Health Corp
Performance |
| Timeline |
| Migdal Mutual Funds |
| CVS Health Corp |
Migdal Mutual and CVS Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Migdal Mutual and CVS Health
The main advantage of trading using opposite Migdal Mutual and CVS Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual 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.| Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds |
| 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Stocks Directory Find actively traded stocks across global markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |