Correlation Between Moonpig Group and Spire Healthcare
Can any of the company-specific risk be diversified away by investing in both Moonpig Group and Spire Healthcare 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 Moonpig Group and Spire Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Moonpig Group PLC and Spire Healthcare Group, you can compare the effects of market volatilities on Moonpig Group and Spire Healthcare 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 Moonpig Group with a short position of Spire Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moonpig Group and Spire Healthcare.
Diversification Opportunities for Moonpig Group and Spire Healthcare
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Moonpig and Spire is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Moonpig Group PLC and Spire Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spire Healthcare and Moonpig Group 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 Moonpig Group PLC are associated (or correlated) with Spire Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spire Healthcare has no effect on the direction of Moonpig Group i.e., Moonpig Group and Spire Healthcare go up and down completely randomly.
Pair Corralation between Moonpig Group and Spire Healthcare
Assuming the 90 days trading horizon Moonpig Group is expected to generate 2.46 times less return on investment than Spire Healthcare. But when comparing it to its historical volatility, Moonpig Group PLC is 1.52 times less risky than Spire Healthcare. It trades about 0.01 of its potential returns per unit of risk. Spire Healthcare Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 22,100 in Spire Healthcare Group on August 17, 2025 and sell it today you would earn a total of 400.00 from holding Spire Healthcare Group or generate 1.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Moonpig Group PLC vs. Spire Healthcare Group
Performance |
| Timeline |
| Moonpig Group PLC |
| Spire Healthcare |
Moonpig Group and Spire Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Moonpig Group and Spire Healthcare
The main advantage of trading using opposite Moonpig Group and Spire Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moonpig Group position performs unexpectedly, Spire Healthcare 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 Spire Healthcare will offset losses from the drop in Spire Healthcare's long position.| Moonpig Group vs. CVS Health Corp | Moonpig Group vs. Cardinal Health | Moonpig Group vs. STMicroelectronics NV | Moonpig Group vs. Naturhouse Health SA |
| Spire Healthcare vs. Atalaya Mining | Spire Healthcare vs. Coeur Mining | Spire Healthcare vs. Blackrock World Mining | Spire Healthcare vs. Hecla Mining Co |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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