Magellan Health Correlations

The correlation of Magellan 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 Magellan Health moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Magellan Health 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.
Additionally, see Correlation Analysis.
  
The ability to find closely correlated positions to Magellan 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 Magellan 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 Magellan 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 Magellan Health to buy it.

Moving against Magellan Health

-0.59BNOXBionomics ADRPairCorr
-0.51AVTXAvalo TherapeuticsPairCorr

Related Correlations

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
BUDFFBUD
DDLIN
LINBUD
DDBUD
LINBUDFF
DDBUDFF
  
High negative correlations   
DDMD
LINMD
BUDFFMD
BUDMD
ETSYMD
PGMD

Magellan Health Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between Magellan Stock performing well and Magellan 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 Magellan 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
LH 1.53  0.03  0.01  0.13  2.07  0.0123 (1.53)  3.41 (3.09)  12.22 
MD 2.30 (0.21)  0.00 (0.07)  0.00 (0.05)  0.00  4.37 (3.90)  25.66 
BUD 1.49  0.25  0.15  0.37  1.53  0.13 (1.80)  3.45 (2.77)  8.01 
ETSY 3.31  0.36  0.10  0.30  3.73  0.09 (3.47)  6.13 (6.32)  20.97 
BUDFF 1.44  0.27  0.13  0.47  1.49  0.12 (1.62)  3.65 (2.86)  7.80 
LIN 1.37  0.19  0.13  0.29  1.24  0.11 (1.57)  3.81 (2.02)  7.54 
DD 1.77  0.29  0.18  0.36  1.40  0.14 (2.07)  3.91 (2.28)  9.54 
BAC 1.54  0.02  0.02  0.12  1.65  0.0196 (1.64)  4.14 (2.87)  9.00 
PG 0.96  0.08  0.03  0.23  1.09  0.0362 (0.98)  1.83 (2.07)  4.27 
AXP 1.75 (0.06) (0.02)  0.05  1.77 (0.0137) (2.14)  3.88 (3.11)  8.22 

Magellan Health Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Magellan Health stock to make a market-neutral strategy. Peer analysis of Magellan Health could also be used in its relative valuation, which is a method of valuing Magellan Health by comparing valuation metrics with similar companies.
LaboratoryMednax IncAnheuser Busch InbevEtsy IncAnheuser-Busch InBev SANVLinde PLCDupont De NemoursBank Of AmericaProcter GambleAmerican ExpressAMN Healthcare ServicesTwist Bioscience CorpFreedom Holding CorpGlobal X NASDAQFRANKLIN MUTUAL EUROPEAN
 Risk & Return  Correlation

Magellan Health Corporate Directors

Magellan Health corporate directors refer to members of a Magellan Health board of directors. The board of directors generally takes responsibility for the Magellan Health's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Magellan Health's board members must vote for the resolution. The Magellan Health board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
Eran Broshy - Independent DirectorProfile
Swati Abbott - DirectorProfile
Scott MacKenzie - Independent DirectorProfile
Mary Sammons - Independent DirectorProfile

Invested in Magellan Health?

The danger of trading Magellan Health 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 Magellan 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 Magellan Health. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Magellan Health 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.
Additionally, see Correlation Analysis. You can also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.

Other Tools for Magellan Stock

When running Magellan Health price analysis, check to measure Magellan 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 Magellan Health is operating at the current time. Most of Magellan Health's value examination focuses on studying past and present price action to predict the probability of Magellan Health's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Magellan Health's price. Additionally, you may evaluate how the addition of Magellan Health to your portfolios can decrease your overall portfolio volatility.
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
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Go
Equity Valuation
Check real value of public entities based on technical and fundamental data
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
Fund Screener
Find actively-traded funds from around the world traded on over 30 global exchanges
Go
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go