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Correlation Between Alcoa and Amedisys

Analyzing existing cross correlation between Alcoa Corporation and Amedisys. You can compare the effects of market volatilities on Alcoa and Amedisys 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 Alcoa with a short position of Amedisys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alcoa and Amedisys.

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Diversification Opportunities for Alcoa and Amedisys

Alcoa Corp. diversification synergy
-0.82
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Pay attention - limited upside

The 3 months correlation between Alcoa and Amedisys is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Alcoa Corp. and Amedisys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Amedisys and Alcoa 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 Alcoa Corporation are associated (or correlated) with Amedisys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amedisys has no effect on the direction of Alcoa i.e. Alcoa and Amedisys go up and down completely randomly.

Pair Corralation between Alcoa and Amedisys

Allowing for the 30-days total investment horizon, Alcoa Corporation is expected to under-perform the Amedisys. In addition to that, Alcoa is 2.1 times more volatile than Amedisys. It trades about -0.13 of its total potential returns per unit of risk. Amedisys is currently generating about 0.23 per unit of volatility. If you would invest  16,329  in Amedisys on January 22, 2020 and sell it today you would earn a total of  3,111  from holding Amedisys or generate 19.05% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthSignificant
Accuracy96.77%
ValuesDaily Returns

Alcoa Corp.  vs.  Amedisys Inc

 Performance (%) 
    
  Timeline 
Alcoa 
00

Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2020. The current disturbance may also be a sign of long term up-swing for the company investors.
Amedisys 
1515

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Amedisys are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Amedisys exhibited solid returns over the last few months and may actually be approaching a breakup point.

Alcoa and Amedisys Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.