Correlation Between Oneview Healthcare and Singular Health
Can any of the company-specific risk be diversified away by investing in both Oneview Healthcare and Singular Health 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 Oneview Healthcare and Singular Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oneview Healthcare PLC and Singular Health Group, you can compare the effects of market volatilities on Oneview Healthcare and Singular 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 Oneview Healthcare with a short position of Singular Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneview Healthcare and Singular Health.
Diversification Opportunities for Oneview Healthcare and Singular Health
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oneview and Singular is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Oneview Healthcare PLC and Singular Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singular Health Group and Oneview 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 Oneview Healthcare PLC are associated (or correlated) with Singular Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singular Health Group has no effect on the direction of Oneview Healthcare i.e., Oneview Healthcare and Singular Health go up and down completely randomly.
Pair Corralation between Oneview Healthcare and Singular Health
Assuming the 90 days trading horizon Oneview Healthcare PLC is expected to under-perform the Singular Health. But the stock apears to be less risky and, when comparing its historical volatility, Oneview Healthcare PLC is 1.49 times less risky than Singular Health. The stock trades about -0.02 of its potential returns per unit of risk. The Singular Health Group is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 8.10 in Singular Health Group on September 6, 2024 and sell it today you would earn a total of 3.90 from holding Singular Health Group or generate 48.15% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Oneview Healthcare PLC vs. Singular Health Group
Performance |
Timeline |
Oneview Healthcare PLC |
Singular Health Group |
Oneview Healthcare and Singular Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Oneview Healthcare and Singular Health
The main advantage of trading using opposite Oneview Healthcare and Singular Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oneview Healthcare position performs unexpectedly, Singular Health 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 Singular Health will offset losses from the drop in Singular Health's long position.Oneview Healthcare vs. Aneka Tambang Tbk | Oneview Healthcare vs. BHP Group Limited | Oneview Healthcare vs. Commonwealth Bank of | Oneview Healthcare vs. Commonwealth Bank of |
Singular Health vs. Aneka Tambang Tbk | Singular Health vs. BHP Group Limited | Singular Health vs. Commonwealth Bank of | Singular Health vs. Commonwealth Bank of |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |