Correlation Between PACS Group, and NewGenIvf Group

Can any of the company-specific risk be diversified away by investing in both PACS Group, and NewGenIvf Group 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 PACS Group, and NewGenIvf Group into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between PACS Group, and NewGenIvf Group Limited, you can compare the effects of market volatilities on PACS Group, and NewGenIvf Group 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 PACS Group, with a short position of NewGenIvf Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of PACS Group, and NewGenIvf Group.

Diversification Opportunities for PACS Group, and NewGenIvf Group

0.0

Correlation Coefficient

PACS Group,  NewGenIvf Group

Pay attention - limited upside

The 3 months correlation between PACS and NewGenIvf is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PACS Group, and NewGenIvf Group Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NewGenIvf Group and PACS Group, 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 PACS Group, are associated (or correlated) with NewGenIvf Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NewGenIvf Group has no effect on the direction of PACS Group, i.e., PACS Group, and NewGenIvf Group go up and down completely randomly.

Pair Corralation between PACS Group, and NewGenIvf Group

Given the investment horizon of 90 days PACS Group, is expected to under-perform the NewGenIvf Group. But the stock apears to be less risky and, when comparing its historical volatility, PACS Group, is 10.49 times less risky than NewGenIvf Group. The stock trades about -0.18 of its potential returns per unit of risk. The NewGenIvf Group Limited is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest  2.10  in NewGenIvf Group Limited on October 5, 2024 and sell it today you would earn a total of  1.84  from holding NewGenIvf Group Limited or generate 87.62% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	95.24%
Values	Daily Returns

PACS Group,  vs.  NewGenIvf Group Limited

PACS Group,

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days PACS Group, has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental indicators remain comparatively stable which may send shares a bit higher in February 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

NewGenIvf Group

Risk-Adjusted Performance

14 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in NewGenIvf Group Limited are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of fairly fragile technical and fundamental indicators, NewGenIvf Group showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with PACS Group, and NewGenIvf Group

The main advantage of trading using opposite PACS Group, and NewGenIvf Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PACS Group, position performs unexpectedly, NewGenIvf Group 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 NewGenIvf Group will offset losses from the drop in NewGenIvf Group's long position.

The idea behind PACS Group, and NewGenIvf Group Limited pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.