Correlation Between MyHealthChecked Plc and Samsung Electronics

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Can any of the company-specific risk be diversified away by investing in both MyHealthChecked Plc and Samsung Electronics 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 MyHealthChecked Plc and Samsung Electronics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MyHealthChecked Plc and Samsung Electronics Co, you can compare the effects of market volatilities on MyHealthChecked Plc and Samsung Electronics 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 MyHealthChecked Plc with a short position of Samsung Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of MyHealthChecked Plc and Samsung Electronics.

Diversification Opportunities for MyHealthChecked Plc and Samsung Electronics

-0.66
  Correlation Coefficient

Excellent diversification

The 3 months correlation between MyHealthChecked and Samsung is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding MyHealthChecked Plc and Samsung Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samsung Electronics and MyHealthChecked Plc 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 MyHealthChecked Plc are associated (or correlated) with Samsung Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samsung Electronics has no effect on the direction of MyHealthChecked Plc i.e., MyHealthChecked Plc and Samsung Electronics go up and down completely randomly.

Pair Corralation between MyHealthChecked Plc and Samsung Electronics

Assuming the 90 days trading horizon MyHealthChecked Plc is expected to under-perform the Samsung Electronics. In addition to that, MyHealthChecked Plc is 2.59 times more volatile than Samsung Electronics Co. It trades about -0.03 of its total potential returns per unit of risk. Samsung Electronics Co is currently generating about 0.21 per unit of volatility. If you would invest  97,900  in Samsung Electronics Co on April 23, 2025 and sell it today you would earn a total of  24,800  from holding Samsung Electronics Co or generate 25.33% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

MyHealthChecked Plc  vs.  Samsung Electronics Co

 Performance 
       Timeline  
MyHealthChecked Plc 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days MyHealthChecked Plc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest uncertain performance, the Stock's technical and fundamental indicators remain sound and the latest tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.
Samsung Electronics 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Samsung Electronics Co are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Samsung Electronics unveiled solid returns over the last few months and may actually be approaching a breakup point.

MyHealthChecked Plc and Samsung Electronics Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with MyHealthChecked Plc and Samsung Electronics

The main advantage of trading using opposite MyHealthChecked Plc and Samsung Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MyHealthChecked Plc position performs unexpectedly, Samsung Electronics 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 Samsung Electronics will offset losses from the drop in Samsung Electronics' long position.
The idea behind MyHealthChecked Plc and Samsung Electronics Co 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.

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