Clover Health Correlations

CLOV
 Stock
  

USD 3.30  0.19  6.11%   

The correlation of Clover Health is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Clover Health moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Clover Health Investments moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
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The ability to find closely correlated positions to Clover Health could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Clover Health when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Clover Health - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Clover Health Investments to buy it.

Moving together with Clover Health

0.64ALHCAlignment HealthcarePairCorr
0.7CICigna CorpPairCorr
0.77CNCCentene CorpPairCorr
0.77CVSCVS CorpPairCorr
0.88MOHMolina HealthcarePairCorr
0.83AAgilent Technologies Fiscal Year End 28th of November 2022 PairCorr

Moving against Clover Health

0.53MPLNMultiplan Corp Downward RallyPairCorr

Related Correlations

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Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
CVXJPM
DISCVS
DISHD
DISNCMI
NCMICVS
HDCVS
  
High negative correlations   
INTCGOOGL
INTCCVS
INTCNCMI

Clover Health Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between Clover Health stock performing well and Clover Health company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Clover Health's multiple risk-adjusted performance indicators. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean
Deviation
Jensen
Alpha
Sortino
Ratio
Treynor
Ratio
Semi
Deviation
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
CVS 1.08  0.07  0.04  0.16  1.63  0.0392 (1.01)  2.65 (2.13)  6.56 
NCMI 4.64  0.20  0.04  0.16  6.00  0.0454 (5.00)  9.73 (8.26)  38.74 
GOOGL 1.95  0.00  0.02  0.07  2.22  0.0173 (2.07)  4.20 (3.92)  10.75 
JPM 1.45 (0.02) (0.01)  0.05  1.52 (0.0055) (1.78)  3.03 (2.34)  10.79 
HD 1.27  0.06  0.03  0.14  1.85  0.0361 (1.31)  2.39 (2.82)  7.62 
INTC 1.73 (0.35)  0.00 (0.22)  0.00 (0.15)  0.00  3.11 (3.61)  12.47 
PG 1.24 (0.12)  0.00 (0.10)  0.00 (0.08)  0.00  2.29 (2.67)  9.21 
CVX 1.75 (0.04) (0.02)  0.02  2.34 (0.0222) (1.68)  3.06 (4.35)  11.62 
DIS 1.88  0.10  0.07  0.14  1.81  0.06 (2.27)  3.98 (3.76)  7.34 

Similar Equity Warning - CLOV

Clover Health Investments was forked

The entity Clover Health Investments with a symbol CLOV was recently forked. You can potentially use CLOVER LEAF FINANCIAL with a symbol CLOV1 from now on.

Invested in Clover Health Investments?

You need to understand the risk of investing before taking a position in Clover Health. The danger of trading Clover Health Investments is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Clover Health is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Clover Health. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Clover Health Investments is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Continue to Trending Equities. Note that the Clover Health Investments information on this page should be used as a complementary analysis to other Clover Health's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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When running Clover Health Investments price analysis, check to measure Clover Health's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Clover Health is operating at the current time. Most of Clover Health's value examination focuses on studying past and present price action to predict the probability of Clover Health's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Clover Health's price. Additionally, you may evaluate how the addition of Clover Health to your portfolios can decrease your overall portfolio volatility.
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Is Clover Health's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Clover Health. If investors know Clover will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Clover Health listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
1.6 B
Quarterly Revenue Growth YOY
1.27
Return On Assets
-0.21
Return On Equity
-1.14
The market value of Clover Health Investments is measured differently than its book value, which is the value of Clover that is recorded on the company's balance sheet. Investors also form their own opinion of Clover Health's value that differs from its market value or its book value, called intrinsic value, which is Clover Health's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Clover Health's market value can be influenced by many factors that don't directly affect Clover Health's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Clover Health's value and its price as these two are different measures arrived at by different means. Investors typically determine Clover Health value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Clover Health's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.