Correlation Between Curaleaf Holdings and Patient Access

Can any of the company-specific risk be diversified away by investing in both Curaleaf Holdings and Patient Access 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 Curaleaf Holdings and Patient Access into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Curaleaf Holdings and Patient Access Solutions, you can compare the effects of market volatilities on Curaleaf Holdings and Patient Access 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 Curaleaf Holdings with a short position of Patient Access. Check out your portfolio center. Please also check ongoing floating volatility patterns of Curaleaf Holdings and Patient Access.

Diversification Opportunities for Curaleaf Holdings and Patient Access

0.16

Correlation Coefficient

Curaleaf Holdings  Patient Access

Average diversification

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

Pair Corralation between Curaleaf Holdings and Patient Access

Assuming the 90 days horizon Curaleaf Holdings is expected to generate 18.92 times less return on investment than Patient Access. But when comparing it to its historical volatility, Curaleaf Holdings is 24.98 times less risky than Patient Access. It trades about 0.26 of its potential returns per unit of risk. Patient Access Solutions is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  0.01  in Patient Access Solutions on May 28, 2025 and sell it today you would earn a total of  0.00  from holding Patient Access Solutions or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Curaleaf Holdings  vs.  Patient Access Solutions

Curaleaf Holdings

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Curaleaf Holdings are ranked lower than 20 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile essential indicators, Curaleaf Holdings reported solid returns over the last few months and may actually be approaching a breakup point.

Patient Access Solutions

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Patient Access Solutions are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady basic indicators, Patient Access displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Curaleaf Holdings and Patient Access

The main advantage of trading using opposite Curaleaf Holdings and Patient Access positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Curaleaf Holdings position performs unexpectedly, Patient Access 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 Patient Access will offset losses from the drop in Patient Access' long position.

The idea behind Curaleaf Holdings and Patient Access Solutions 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 the Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.