Correlation Between COMPREHENSIVE CARE and Magellan Health

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both COMPREHENSIVE CARE and Magellan Health 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 COMPREHENSIVE CARE and Magellan Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between COMPREHENSIVE CARE CORP and Magellan Health, you can compare the effects of market volatilities on COMPREHENSIVE CARE and Magellan Health 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 COMPREHENSIVE CARE with a short position of Magellan Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMPREHENSIVE CARE and Magellan Health.

Diversification Opportunities for COMPREHENSIVE CARE and Magellan Health

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between COMPREHENSIVE and Magellan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding COMPREHENSIVE CARE CORP and Magellan Health Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magellan Health and COMPREHENSIVE CARE 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 COMPREHENSIVE CARE CORP are associated (or correlated) with Magellan Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magellan Health has no effect on the direction of COMPREHENSIVE CARE i.e., COMPREHENSIVE CARE and Magellan Health go up and down completely randomly.

Pair Corralation between COMPREHENSIVE CARE and Magellan Health

If you would invest (100.00)  in Magellan Health on March 31, 2022 and sell it today you would earn a total of  100.00  from holding Magellan Health or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

COMPREHENSIVE CARE CORP  vs.  Magellan Health Inc

 Performance (%) 
      Timeline 
COMPREHENSIVE CARE CORP 
COMPREHENSIVE Performance
0 of 100
Over the last 90 days COMPREHENSIVE CARE CORP has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable fundamental indicators, COMPREHENSIVE CARE is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Structure and Payout Changes

Last Split Factor
1:10
Ex Dividend Date
1989-03-16
Last Split Date
1994-10-24

COMPREHENSIVE Price Channel

Magellan Health 
Magellan Performance
0 of 100
Over the last 90 days Magellan Health has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent essential indicators, Magellan Health is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

COMPREHENSIVE CARE and Magellan Health Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with COMPREHENSIVE CARE and Magellan Health

The main advantage of trading using opposite COMPREHENSIVE CARE and Magellan Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMPREHENSIVE CARE position performs unexpectedly, Magellan Health 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 Magellan Health will offset losses from the drop in Magellan Health's long position.
The idea behind COMPREHENSIVE CARE CORP and Magellan Health pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.

Other Complementary Tools

Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Go
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Go
Commodity Channel Index
Use Commodity Channel Index to analyze current equity momentum
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
Pair Correlation
Compare performance and examine fundamental relationship between any two equity instruments
Go
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Go
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Go