Correlation Between SupplyMe Capital and MyHealthChecked Plc

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

By analyzing existing cross correlation between SupplyMe Capital PLC and MyHealthChecked Plc, you can compare the effects of market volatilities on SupplyMe Capital 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 SupplyMe Capital with a short position of MyHealthChecked Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of SupplyMe Capital and MyHealthChecked Plc.

Diversification Opportunities for SupplyMe Capital and MyHealthChecked Plc

0.76

Correlation Coefficient

SupplyMe Capital  MyHealthChecked Plc

Poor diversification

The 3 months correlation between SupplyMe and MyHealthChecked is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding SupplyMe Capital PLC and MyHealthChecked Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyHealthChecked Plc and SupplyMe Capital 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 SupplyMe Capital PLC 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 SupplyMe Capital i.e., SupplyMe Capital and MyHealthChecked Plc go up and down completely randomly.

Pair Corralation between SupplyMe Capital and MyHealthChecked Plc

Assuming the 90 days trading horizon SupplyMe Capital PLC is expected to under-perform the MyHealthChecked Plc. In addition to that, SupplyMe Capital is 2.83 times more volatile than MyHealthChecked Plc. It trades about -0.16 of its total potential returns per unit of risk. MyHealthChecked Plc is currently generating about 0.0 per unit of volatility. If you would invest  1,400  in MyHealthChecked Plc on April 20, 2025 and sell it today you would lose (100.00) from holding MyHealthChecked Plc or give up 7.14% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	98.39%
Values	Daily Returns

SupplyMe Capital PLC  vs.  MyHealthChecked Plc

SupplyMe Capital PLC

Risk-Adjusted Performance

Very Weak

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

MyHealthChecked Plc

Risk-Adjusted Performance

Very Weak

Over the last 90 days MyHealthChecked Plc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, MyHealthChecked Plc is not utilizing all of its potentials. The newest stock price tumult, may contribute to shorter-term losses for the shareholders.

Pair Trading with SupplyMe Capital and MyHealthChecked Plc

The main advantage of trading using opposite SupplyMe Capital and MyHealthChecked Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SupplyMe Capital 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.

The idea behind SupplyMe Capital PLC and MyHealthChecked Plc 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.