Correlation Between Medavail Holdings and GLG Life
Can any of the company-specific risk be diversified away by investing in both Medavail Holdings and GLG Life 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 Medavail Holdings and GLG Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Medavail Holdings and GLG Life Tech, you can compare the effects of market volatilities on Medavail Holdings and GLG Life 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 Medavail Holdings with a short position of GLG Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Medavail Holdings and GLG Life.
Diversification Opportunities for Medavail Holdings and GLG Life
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Medavail and GLG is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Medavail Holdings and GLG Life Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLG Life Tech and Medavail Holdings 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 Medavail Holdings are associated (or correlated) with GLG Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLG Life Tech has no effect on the direction of Medavail Holdings i.e., Medavail Holdings and GLG Life go up and down completely randomly.
Pair Corralation between Medavail Holdings and GLG Life
If you would invest 4.82 in GLG Life Tech on January 18, 2024 and sell it today you would earn a total of 0.00 from holding GLG Life Tech or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
Medavail Holdings vs. GLG Life Tech
Performance |
Timeline |
Medavail Holdings |
GLG Life Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Medavail Holdings and GLG Life Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Medavail Holdings and GLG Life
The main advantage of trading using opposite Medavail Holdings and GLG Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Medavail Holdings position performs unexpectedly, GLG Life 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 GLG Life will offset losses from the drop in GLG Life's long position.Medavail Holdings vs. PetMed Express | Medavail Holdings vs. Bimi International Medical | Medavail Holdings vs. Fire Flower Holdings | Medavail Holdings vs. GABY Inc |
GLG Life vs. Golden Agri Resources | GLG Life vs. Edible Garden AG | GLG Life vs. Vital FarmsInc | GLG Life vs. Local Bounti 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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |