Correlation Between Amedisys and Themes Infrastructure
Can any of the company-specific risk be diversified away by investing in both Amedisys and Themes Infrastructure 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 Amedisys and Themes Infrastructure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amedisys and Themes Infrastructure ETF, you can compare the effects of market volatilities on Amedisys and Themes Infrastructure 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 Amedisys with a short position of Themes Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amedisys and Themes Infrastructure.
Diversification Opportunities for Amedisys and Themes Infrastructure
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amedisys and Themes is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Amedisys and Themes Infrastructure ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Themes Infrastructure ETF and Amedisys 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 Amedisys are associated (or correlated) with Themes Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Themes Infrastructure ETF has no effect on the direction of Amedisys i.e., Amedisys and Themes Infrastructure go up and down completely randomly.
Pair Corralation between Amedisys and Themes Infrastructure
Given the investment horizon of 90 days Amedisys is expected to generate 1.49 times less return on investment than Themes Infrastructure. But when comparing it to its historical volatility, Amedisys is 1.49 times less risky than Themes Infrastructure. It trades about 0.22 of its potential returns per unit of risk. Themes Infrastructure ETF is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 2,660 in Themes Infrastructure ETF on May 28, 2025 and sell it today you would earn a total of 352.70 from holding Themes Infrastructure ETF or generate 13.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.32% |
| Values | Daily Returns |
Amedisys vs. Themes Infrastructure ETF
Performance |
| Timeline |
| Amedisys |
Risk-Adjusted Performance
Solid
Weak | Strong |
| Themes Infrastructure ETF |
Amedisys and Themes Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amedisys and Themes Infrastructure
The main advantage of trading using opposite Amedisys and Themes Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amedisys position performs unexpectedly, Themes Infrastructure 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 Themes Infrastructure will offset losses from the drop in Themes Infrastructure's long position.| Amedisys vs. Acadia Healthcare | Amedisys vs. Addus HomeCare | Amedisys vs. Encompass Health Corp | Amedisys vs. The Ensign Group |
| Themes Infrastructure vs. Heartland Express | Themes Infrastructure vs. Integra LifeSciences Holdings | Themes Infrastructure vs. ICU Medical | Themes Infrastructure vs. Safety Insurance 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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