Correlation Between Teladoc and Accolade
Can any of the company-specific risk be diversified away by investing in both Teladoc and Accolade 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 Teladoc and Accolade into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teladoc and Accolade, you can compare the effects of market volatilities on Teladoc and Accolade 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 Teladoc with a short position of Accolade. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teladoc and Accolade.
Diversification Opportunities for Teladoc and Accolade
Excellent diversification
The 3 months correlation between Teladoc and Accolade is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Teladoc and Accolade in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accolade and Teladoc 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 Teladoc are associated (or correlated) with Accolade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accolade has no effect on the direction of Teladoc i.e., Teladoc and Accolade go up and down completely randomly.
Pair Corralation between Teladoc and Accolade
If you would invest 702.00 in Accolade on March 22, 2025 and sell it today you would earn a total of 0.00 from holding Accolade or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Teladoc vs. Accolade
Performance |
| Timeline |
| Teladoc |
| Accolade |
Risk-Adjusted Performance
Good
Weak | Strong |
Teladoc and Accolade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teladoc and Accolade
The main advantage of trading using opposite Teladoc and Accolade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teladoc position performs unexpectedly, Accolade 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 Accolade will offset losses from the drop in Accolade's long position.| Teladoc vs. Veeva Systems Class | Teladoc vs. 10X Genomics | Teladoc vs. GE HealthCare Technologies | Teladoc vs. Progyny |
| Accolade vs. Privia Health Group | Accolade vs. HealthStream | Accolade vs. National Research Corp | Accolade vs. Health Catalyst |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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