Correlation Analysis Between Select Medical and Tenet Healthcare

This module allows you to analyze existing cross correlation between Select Medical Holdings Corpora and Tenet Healthcare Corporation. You can compare the effects of market volatilities on Select Medical and Tenet Healthcare 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 Select Medical with a short position of Tenet Healthcare. See also your portfolio center. Please also check ongoing floating volatility patterns of Select Medical and Tenet Healthcare.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Select Medical Holdings  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Select Medical Holdings Corpora are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Select Medical may actually be approaching a critical reversion point that can send shares even higher in October 2019.
Tenet Healthcare  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Tenet Healthcare Corporation are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Tenet Healthcare sustained solid returns over the last few months and may actually be approaching a breakup point.

Select Medical and Tenet Healthcare Volatility Contrast

 Predicted Return Density 
      Returns 

Select Medical Holdings Corpor  vs.  Tenet Healthcare Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Select Medical is expected to generate 3.2 times less return on investment than Tenet Healthcare. But when comparing it to its historical volatility, Select Medical Holdings Corpora is 2.81 times less risky than Tenet Healthcare. It trades about 0.09 of its potential returns per unit of risk. Tenet Healthcare Corporation is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  2,012  in Tenet Healthcare Corporation on August 21, 2019 and sell it today you would earn a total of  505.00  from holding Tenet Healthcare Corporation or generate 25.1% return on investment over 30 days.

Pair Corralation between Select Medical and Tenet Healthcare

0.73
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Select Medical and Tenet Healthcare

Select Medical Holdings Corpor diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Select Medical Holdings Corpor and Tenet Healthcare Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Tenet Healthcare and Select Medical 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 Select Medical Holdings Corpora are associated (or correlated) with Tenet Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tenet Healthcare has no effect on the direction of Select Medical i.e. Select Medical and Tenet Healthcare go up and down completely randomly.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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