Correlation Between Evolent Health and Sharecare
Can any of the company-specific risk be diversified away by investing in both Evolent Health and Sharecare 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 Evolent Health and Sharecare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Evolent Health and Sharecare, you can compare the effects of market volatilities on Evolent Health and Sharecare 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 Evolent Health with a short position of Sharecare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolent Health and Sharecare.
Diversification Opportunities for Evolent Health and Sharecare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Evolent and Sharecare is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Evolent Health and Sharecare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharecare and Evolent Health 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 Evolent Health are associated (or correlated) with Sharecare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharecare has no effect on the direction of Evolent Health i.e., Evolent Health and Sharecare go up and down completely randomly.
Pair Corralation between Evolent Health and Sharecare
If you would invest (100.00) in Sharecare on December 2, 2024 and sell it today you would earn a total of 100.00 from holding Sharecare or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Evolent Health vs. Sharecare
Performance |
Timeline |
Evolent Health |
Sharecare |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Evolent Health and Sharecare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Evolent Health and Sharecare
The main advantage of trading using opposite Evolent Health and Sharecare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolent Health position performs unexpectedly, Sharecare 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 Sharecare will offset losses from the drop in Sharecare's long position.Evolent Health vs. CareMax | Evolent Health vs. Certara | Evolent Health vs. Definitive Healthcare Corp | Evolent Health vs. National Research Corp |
Sharecare vs. Privia Health Group | Sharecare vs. Evolent Health | Sharecare vs. HealthStream | Sharecare vs. Streamline Health Solutions |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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