Correlation Between MyHealthChecked Plc and Planet Fitness
Can any of the company-specific risk be diversified away by investing in both MyHealthChecked Plc and Planet Fitness 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 Planet Fitness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MyHealthChecked Plc and Planet Fitness Cl, you can compare the effects of market volatilities on MyHealthChecked Plc and Planet Fitness 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 Planet Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of MyHealthChecked Plc and Planet Fitness.
Diversification Opportunities for MyHealthChecked Plc and Planet Fitness
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between MyHealthChecked and Planet is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding MyHealthChecked Plc and Planet Fitness Cl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Planet Fitness Cl 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 Planet Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Planet Fitness Cl has no effect on the direction of MyHealthChecked Plc i.e., MyHealthChecked Plc and Planet Fitness go up and down completely randomly.
Pair Corralation between MyHealthChecked Plc and Planet Fitness
Assuming the 90 days trading horizon MyHealthChecked Plc is expected to under-perform the Planet Fitness. In addition to that, MyHealthChecked Plc is 2.13 times more volatile than Planet Fitness Cl. It trades about -0.23 of its total potential returns per unit of risk. Planet Fitness Cl is currently generating about -0.14 per unit of volatility. If you would invest 11,090 in Planet Fitness Cl on July 26, 2025 and sell it today you would lose (1,593) from holding Planet Fitness Cl or give up 14.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 92.19% |
| Values | Daily Returns |
MyHealthChecked Plc vs. Planet Fitness Cl
Performance |
| Timeline |
| MyHealthChecked Plc |
| Planet Fitness Cl |
MyHealthChecked Plc and Planet Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MyHealthChecked Plc and Planet Fitness
The main advantage of trading using opposite MyHealthChecked Plc and Planet Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MyHealthChecked Plc position performs unexpectedly, Planet Fitness 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 Planet Fitness will offset losses from the drop in Planet Fitness' long position.| MyHealthChecked Plc vs. Rockfire Resources plc | MyHealthChecked Plc vs. Ikigai Ventures | MyHealthChecked Plc vs. Golden Metal Resources | MyHealthChecked Plc vs. Falcon Oil Gas |
| Planet Fitness vs. MoneysupermarketCom Group PLC | Planet Fitness vs. Ebro Foods | Planet Fitness vs. Zegona Communications Plc | Planet Fitness vs. Sabre 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |