Correlation Between OptiBiotix Health and Spire Healthcare
Can any of the company-specific risk be diversified away by investing in both OptiBiotix Health 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 OptiBiotix Health and Spire Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OptiBiotix Health Plc and Spire Healthcare Group, you can compare the effects of market volatilities on OptiBiotix Health 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 OptiBiotix Health with a short position of Spire Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of OptiBiotix Health and Spire Healthcare.
Diversification Opportunities for OptiBiotix Health and Spire Healthcare
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OptiBiotix and Spire is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding OptiBiotix Health 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 OptiBiotix 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 OptiBiotix Health 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 OptiBiotix Health i.e., OptiBiotix Health and Spire Healthcare go up and down completely randomly.
Pair Corralation between OptiBiotix Health and Spire Healthcare
Assuming the 90 days trading horizon OptiBiotix Health Plc is expected to under-perform the Spire Healthcare. In addition to that, OptiBiotix Health is 1.27 times more volatile than Spire Healthcare Group. It trades about -0.09 of its total potential returns per unit of risk. Spire Healthcare Group is currently generating about 0.04 per unit of volatility. If you would invest 22,700 in Spire Healthcare Group on July 23, 2025 and sell it today you would earn a total of 900.00 from holding Spire Healthcare Group or generate 3.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OptiBiotix Health Plc vs. Spire Healthcare Group
Performance |
| Timeline |
| OptiBiotix Health Plc |
| Spire Healthcare |
OptiBiotix Health and Spire Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OptiBiotix Health and Spire Healthcare
The main advantage of trading using opposite OptiBiotix Health and Spire Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OptiBiotix Health 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.| OptiBiotix Health vs. GS Chain PLC | OptiBiotix Health vs. Moonpig Group PLC | OptiBiotix Health vs. PCI PAL PLC | OptiBiotix Health vs. Faron Pharmaceuticals Oy |
| Spire Healthcare vs. Avacta Group PLC | Spire Healthcare vs. GS Chain PLC | Spire Healthcare vs. Revolution Beauty Group | Spire Healthcare vs. Deltic Energy PLC |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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