ModivCare Correlations

MODV Stock

USD 0.34 0.06 21.43%

The current 90-days correlation between ModivCare and The Ensign Group is -0.13 (i.e., Good diversification). The correlation of ModivCare is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

ModivCare Correlation With Market

Good diversification

The correlation between ModivCare and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ModivCare and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ModivCare Stock

Check out Correlation Analysis to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in banks.

Moving together with ModivCare Stock

0.74	301239	Chengdu Bright Eye	Pair Corr
0.85	ANCR	Animalcare Group Plc	Pair Corr
0.86	RAINBOW	Rainbow Childrens	Pair Corr

Moving against ModivCare Stock

0.79	SHALBY	Shalby Limited	Pair Corr
0.78	NPTH	NeuPath Health	Pair Corr
0.76	BKD	Brookdale Senior Living	Pair Corr
0.74	UNH	UnitedHealth Group CDR	Pair Corr
0.7	FORTIS	Fortis Healthcare	Pair Corr
0.52	IDHC	Integrated Diagnostics	Pair Corr
0.52	ENSG	Ensign Group	Pair Corr
0.52	FLGT	Fulgent Genetics	Pair Corr
0.49	GH	Guardant Health	Pair Corr
0.47	EHAB	Enhabit	Pair Corr
0.43	LH	Laboratory	Pair Corr
0.42	MD	Mednax Inc	Pair Corr
0.4	600211	Tibet Rhodiola Pharm	Pair Corr
0.33	CI	Cigna Corp	Pair Corr
0.31	301293	Sanbo Hospital Management	Pair Corr
0.86	CNC	Centene Corp	Pair Corr
0.85	ELV	Elevance Health Earnings Call This Week	Pair Corr
0.77	COR	Cencora	Pair Corr
0.76	NEO	NeoGenomics	Pair Corr
0.75	MCK	McKesson	Pair Corr
0.67	CVS	CVS Health Corp	Pair Corr
0.64	MOH	Molina Healthcare Earnings Call This Week	Pair Corr
0.64	NHC	National HealthCare	Pair Corr
0.61	HCA	HCA Holdings	Pair Corr
0.57	FMS	Fresenius Medical Care	Pair Corr
0.52	CCM	Concord Medical Services	Pair Corr

Related Correlations Analysis

	ENSG	SEM	EHC	INNV	EHAB	PNTG	CCM	NHC	MD	SGRY
ENSG		-0.56	0.89	0.43	0.86	0.57	0.29	0.85	0.91	-0.22	ENSG
SEM	-0.56		-0.53	0.01	-0.44	-0.31	-0.1	-0.36	-0.46	-0.1	SEM
EHC	0.89	-0.53		0.5	0.92	0.67	0.4	0.91	0.94	-0.13	EHC
INNV	0.43	0.01	0.5		0.5	0.33	0.66	0.73	0.46	-0.74	INNV
EHAB	0.86	-0.44	0.92	0.5		0.71	0.41	0.89	0.94	-0.12	EHAB
PNTG	0.57	-0.31	0.67	0.33	0.71		0.18	0.62	0.65	0.07	PNTG
CCM	0.29	-0.1	0.4	0.66	0.41	0.18		0.62	0.34	-0.49	CCM
NHC	0.85	-0.36	0.91	0.73	0.89	0.62	0.62		0.88	-0.38	NHC
MD	0.91	-0.46	0.94	0.46	0.94	0.65	0.34	0.88		-0.13	MD
SGRY	-0.22	-0.1	-0.13	-0.74	-0.12	0.07	-0.49	-0.38	-0.13		SGRY
	ENSG	SEM	EHC	INNV	EHAB	PNTG	CCM	NHC	MD	SGRY

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Correlation Matchups

Over a given time period, the two securities move together 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

MD	+ 0.94	EHC
MD	+ 0.94	EHAB
EHAB	+ 0.92	EHC
MD	+ 0.91	ENSG
NHC	+ 0.91	EHC
EHC	+ 0.89	ENSG

High negative correlations

SGRY	- 0.74	INNV
SEM	- 0.56	ENSG
EHC	- 0.53	SEM
SGRY	- 0.49	CCM
MD	- 0.46	SEM
EHAB	- 0.44	SEM

Risk-Adjusted Indicators

There is a big difference between ModivCare Stock performing well and ModivCare Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ModivCare's multiple risk-adjusted performance indicators across the competitive landscape. 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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ENSG	1.07	0.26	0.21	0.35	0.93	(1.25)	2.12	(1.66)	11.54
SEM	1.86	(0.22)	0.00	(0.07)	0.00	0.00	2.81	(4.09)	17.33
EHC	0.99	0.01	0.00	0.06	1.95	(1.05)	1.77	(1.47)	10.35
INNV	4.14	0.30	0.11	0.11	4.29	(4.72)	11.33	(6.48)	28.67
EHAB	1.83	0.16	0.08	0.21	1.88	(2.04)	3.57	(2.98)	19.68
PNTG	1.69	(0.12)	0.00	(0.06)	0.00	0.00	3.52	(2.86)	13.65
CCM	3.45	0.40	0.06	(0.27)	3.81	(4.73)	10.00	(6.54)	31.48
NHC	1.43	0.19	0.12	0.19	1.50	(1.65)	3.93	(2.37)	7.47
MD	1.80	0.21	0.13	0.14	1.69	(2.01)	5.04	(2.66)	17.08
SGRY	1.70	(0.19)	0.00	(0.05)	0.00	0.00	3.66	(3.81)	10.05

ModivCare 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 ModivCare stock to make a market-neutral strategy. Peer analysis of ModivCare could also be used in its relative valuation, which is a method of valuing ModivCare by comparing valuation metrics with similar companies.

The Ensign Group Select Medical Holdings Encompass Health Corp InnovAge Holding Corp Enhabit Pennant Group Concord Medical Services National HealthCare Mednax Inc Surgery Partners Healthcare Services Group American Airlines Group Alcoa Corp Apple Inc Best Buy Co

Risk & Return

Correlation

ModivCare Corporate Management

Jack Sawyer	Chief Ingeus	Profile
Mia Haney	Chief Segment	Profile
CFA CFA	Associate Relations	Profile
Jessica Kral	Chief Officer	Profile
Robert Pittman	Senior Affairs	Profile
Chris Heine	Senior NEMT	Profile
Kenneth Shepard	Chief Mobility	Profile

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