Correlation Analysis Between Select Medical and Universal Health

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

Select Medical Holdings  
00

Risk-Adjusted Performance

Over the last 30 days Select Medical Holdings Corpora has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Select Medical is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.
Universal Health Ser  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Universal Health Services are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Universal Health reported solid returns over the last few months and may actually be approaching a breakup point.

Select Medical and Universal Health Volatility Contrast

 Predicted Return Density 
      Returns 

Select Medical Holdings Corpor  vs.  Universal Health Services Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Select Medical is expected to generate 14.46 times less return on investment than Universal Health. But when comparing it to its historical volatility, Select Medical Holdings Corpora is 1.37 times less risky than Universal Health. It trades about 0.01 of its potential returns per unit of risk. Universal Health Services is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  12,815  in Universal Health Services on July 27, 2019 and sell it today you would earn a total of  1,533  from holding Universal Health Services or generate 11.96% return on investment over 30 days.

Pair Corralation between Select Medical and Universal Health

0.68
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Select Medical and Universal Health

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 Universal Health Services Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Universal Health Ser 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 Universal Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Universal Health Ser has no effect on the direction of Select Medical i.e. Select Medical and Universal Health go up and down completely randomly.
See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.


 
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