Correlation Between Akso Health and Align Technology
Can any of the company-specific risk be diversified away by investing in both Akso Health and Align Technology 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 Akso Health and Align Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akso Health Group and Align Technology, you can compare the effects of market volatilities on Akso Health and Align Technology 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 Akso Health with a short position of Align Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akso Health and Align Technology.
Diversification Opportunities for Akso Health and Align Technology
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Akso and Align is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Akso Health Group and Align Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Align Technology and Akso Health 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 Akso Health Group are associated (or correlated) with Align Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Align Technology has no effect on the direction of Akso Health i.e., Akso Health and Align Technology go up and down completely randomly.
Pair Corralation between Akso Health and Align Technology
Considering the 90-day investment horizon Akso Health Group is expected to under-perform the Align Technology. In addition to that, Akso Health is 2.24 times more volatile than Align Technology. It trades about -0.08 of its total potential returns per unit of risk. Align Technology is currently generating about 0.18 per unit of volatility. If you would invest 13,156 in Align Technology on September 12, 2025 and sell it today you would earn a total of 3,302 from holding Align Technology or generate 25.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akso Health Group vs. Align Technology
Performance |
| Timeline |
| Akso Health Group |
| Align Technology |
Akso Health and Align Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akso Health and Align Technology
The main advantage of trading using opposite Akso Health and Align Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akso Health position performs unexpectedly, Align Technology 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 Align Technology will offset losses from the drop in Align Technology's long position.| Akso Health vs. Lipella Pharmaceuticals Common | Akso Health vs. Salarius Pharmaceuticals | Akso Health vs. Biomotion Sciences Ordinary | Akso Health vs. Indaptus Therapeutics |
| Align Technology vs. Qiagen NV | Align Technology vs. Globus Medical | Align Technology vs. Penumbra | Align Technology vs. The Ensign Group |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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