Correlation Between Planet Fitness and MyHealthChecked Plc
Can any of the company-specific risk be diversified away by investing in both Planet Fitness and MyHealthChecked Plc 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 Planet Fitness and MyHealthChecked Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Planet Fitness Cl and MyHealthChecked Plc, you can compare the effects of market volatilities on Planet Fitness and MyHealthChecked Plc 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 Planet Fitness with a short position of MyHealthChecked Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Planet Fitness and MyHealthChecked Plc.
Diversification Opportunities for Planet Fitness and MyHealthChecked Plc
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Planet and MyHealthChecked is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Planet Fitness Cl and MyHealthChecked Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyHealthChecked Plc and Planet Fitness 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 Planet Fitness Cl are associated (or correlated) with MyHealthChecked Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MyHealthChecked Plc has no effect on the direction of Planet Fitness i.e., Planet Fitness and MyHealthChecked Plc go up and down completely randomly.
Pair Corralation between Planet Fitness and MyHealthChecked Plc
Assuming the 90 days trading horizon Planet Fitness Cl is expected to generate 0.44 times more return on investment than MyHealthChecked Plc. However, Planet Fitness Cl is 2.28 times less risky than MyHealthChecked Plc. It trades about 0.16 of its potential returns per unit of risk. MyHealthChecked Plc is currently generating about 0.0 per unit of risk. If you would invest 9,433 in Planet Fitness Cl on April 20, 2025 and sell it today you would earn a total of 1,699 from holding Planet Fitness Cl or generate 18.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 88.71% |
Values | Daily Returns |
Planet Fitness Cl vs. MyHealthChecked Plc
Performance |
Timeline |
Planet Fitness Cl |
MyHealthChecked Plc |
Planet Fitness and MyHealthChecked Plc Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Planet Fitness and MyHealthChecked Plc
The main advantage of trading using opposite Planet Fitness and MyHealthChecked Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Planet Fitness position performs unexpectedly, MyHealthChecked Plc 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 MyHealthChecked Plc will offset losses from the drop in MyHealthChecked Plc's long position.Planet Fitness vs. Fiinu PLC | Planet Fitness vs. AFC Energy plc | Planet Fitness vs. Argo Blockchain PLC | Planet Fitness vs. SANTANDER UK 10 |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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