Correlation Between RAYMOND and CVS Health

By analyzing existing cross correlation between RAYMOND LTD and CVS Health, you can compare the effects of market volatilities on RAYMOND 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 RAYMOND with a short position of CVS Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of RAYMOND and CVS Health.

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Can any of the company-specific risk be diversified away by investing in both RAYMOND and CVS Health 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 RAYMOND and CVS Health into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for RAYMOND and CVS Health

  Correlation Coefficient
CVS Health

Pay attention - limited upside

The 3 months correlation between RAYMOND and CVS Health is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding RAYMOND LTD and CVS Health Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CVS Health and RAYMOND 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 RAYMOND LTD 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 has no effect on the direction of RAYMOND i.e. RAYMOND and CVS Health go up and down completely randomly.

Pair Corralation between RAYMOND and CVS Health

If you would invest  5,941  in CVS Health on June 7, 2020 and sell it today you would earn a total of  552.00  from holding CVS Health or generate 9.29% return on investment over 30 days.
Time Period3 Months [change]
ValuesDaily Returns

RAYMOND LTD  vs.  CVS Health Corp.

 Performance (%) 

RAYMOND Risk-Adjusted Performance

Over the last 30 days RAYMOND LTD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, RAYMOND is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
CVS Health 

CVS Health Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, CVS Health may actually be approaching a critical reversion point that can send shares even higher in August 2020.

RAYMOND and CVS Health Volatility Contrast

Check out your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.

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