Correlation Between Concord Medical and Aclarion
Can any of the company-specific risk be diversified away by investing in both Concord Medical and Aclarion 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 Concord Medical and Aclarion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concord Medical Services and Aclarion, you can compare the effects of market volatilities on Concord Medical and Aclarion 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 Concord Medical with a short position of Aclarion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concord Medical and Aclarion.
Diversification Opportunities for Concord Medical and Aclarion
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Concord and Aclarion is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Concord Medical Services and Aclarion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aclarion and Concord Medical 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 Concord Medical Services are associated (or correlated) with Aclarion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aclarion has no effect on the direction of Concord Medical i.e., Concord Medical and Aclarion go up and down completely randomly.
Pair Corralation between Concord Medical and Aclarion
Considering the 90-day investment horizon Concord Medical Services is expected to generate 1.05 times more return on investment than Aclarion. However, Concord Medical is 1.05 times more volatile than Aclarion. It trades about 0.13 of its potential returns per unit of risk. Aclarion is currently generating about -0.21 per unit of risk. If you would invest 436.00 in Concord Medical Services on March 18, 2025 and sell it today you would earn a total of 227.00 from holding Concord Medical Services or generate 52.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Concord Medical Services vs. Aclarion
Performance |
| Timeline |
| Concord Medical Services |
| Aclarion |
Concord Medical and Aclarion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concord Medical and Aclarion
The main advantage of trading using opposite Concord Medical and Aclarion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concord Medical position performs unexpectedly, Aclarion 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 Aclarion will offset losses from the drop in Aclarion's long position.| Concord Medical vs. Pennant Group | Concord Medical vs. Encompass Health Corp | Concord Medical vs. Enhabit | Concord Medical vs. National HealthCare |
| Aclarion vs. EUDA Health Holdings | Aclarion vs. FOXO Technologies | Aclarion vs. Healthcare Triangle | Aclarion vs. Mangoceuticals, Common Stock |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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