Correlation Between Hartford Healthcare and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Hartford Healthcare and Segall Bryant 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 Hartford Healthcare and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hartford Healthcare Hls and Segall Bryant Hamill, you can compare the effects of market volatilities on Hartford Healthcare and Segall Bryant 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 Hartford Healthcare with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hartford Healthcare and Segall Bryant.
Diversification Opportunities for Hartford Healthcare and Segall Bryant
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hartford and Segall is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Healthcare Hls and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Hartford Healthcare 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 Hartford Healthcare Hls are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Hartford Healthcare i.e., Hartford Healthcare and Segall Bryant go up and down completely randomly.
Pair Corralation between Hartford Healthcare and Segall Bryant
Assuming the 90 days horizon Hartford Healthcare Hls is expected to under-perform the Segall Bryant. In addition to that, Hartford Healthcare is 10.49 times more volatile than Segall Bryant Hamill. It trades about -0.04 of its total potential returns per unit of risk. Segall Bryant Hamill is currently generating about 0.19 per unit of volatility. If you would invest 1,005 in Segall Bryant Hamill on December 3, 2024 and sell it today you would earn a total of 9.00 from holding Segall Bryant Hamill or generate 0.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Hartford Healthcare Hls vs. Segall Bryant Hamill
Performance |
Timeline |
Hartford Healthcare Hls |
Segall Bryant Hamill |
Hartford Healthcare and Segall Bryant Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hartford Healthcare and Segall Bryant
The main advantage of trading using opposite Hartford Healthcare and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hartford Healthcare position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.Hartford Healthcare vs. The Hartford International | Hartford Healthcare vs. Jpmorgan Large Cap | Hartford Healthcare vs. Ab Centrated International | Hartford Healthcare vs. Morgan Stanley Institutional |
Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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