Correlation Between Allscripts Hlthcare and Augmedix

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

Diversification Opportunities for Allscripts Hlthcare and Augmedix

  Correlation Coefficient

Average diversification

The 3 months correlation between Allscripts and Augmedix is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Allscripts Hlthcare and Augmedix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Augmedix and Allscripts Hlthcare 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 Allscripts Hlthcare are associated (or correlated) with Augmedix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Augmedix has no effect on the direction of Allscripts Hlthcare i.e., Allscripts Hlthcare and Augmedix go up and down completely randomly.

Pair Corralation between Allscripts Hlthcare and Augmedix

Given the investment horizon of 90 days Allscripts Hlthcare is expected to under-perform the Augmedix. But the stock apears to be less risky and, when comparing its historical volatility, Allscripts Hlthcare is 4.07 times less risky than Augmedix. The stock trades about -0.28 of its potential returns per unit of risk. The Augmedix is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  169.00  in Augmedix on July 2, 2022 and sell it today you would lose (22.00)  from holding Augmedix or give up 13.02% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Allscripts Hlthcare  vs.  Augmedix

 Performance (%) 
Allscripts Hlthcare 
Allscripts Performance
1 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Allscripts Hlthcare are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong basic indicators, Allscripts Hlthcare is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Allscripts Price Channel

Augmedix Performance
0 of 100
Over the last 90 days Augmedix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of conflicting performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in October 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Augmedix Price Channel

Allscripts Hlthcare and Augmedix Volatility Contrast

   Predicted Return Density   

Pair Trading with Allscripts Hlthcare and Augmedix

The main advantage of trading using opposite Allscripts Hlthcare and Augmedix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allscripts Hlthcare position performs unexpectedly, Augmedix 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 Augmedix will offset losses from the drop in Augmedix's long position.
Allscripts Hlthcare vs. Amazon Inc
The idea behind Allscripts Hlthcare and Augmedix 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.
Augmedix vs. Amazon Inc
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 Shere Portfolio module to track or share privately all of your investments from the convenience of any device.

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