Correlation Between Streamline Health and DocGo

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

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

Diversification Opportunities for Streamline Health and DocGo

-0.12

Correlation Coefficient

Streamline Health  DocGo

Good diversification

The 3 months correlation between Streamline and DocGo is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Streamline Health Solutions and DocGo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DocGo Inc and Streamline Health 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 Streamline Health Solutions are associated (or correlated) with DocGo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DocGo Inc has no effect on the direction of Streamline Health i.e., Streamline Health and DocGo go up and down completely randomly.

Pair Corralation between Streamline Health and DocGo

Given the investment horizon of 90 days Streamline Health Solutions is expected to generate 3.97 times more return on investment than DocGo. However, Streamline Health is 3.97 times more volatile than DocGo Inc. It trades about 0.12 of its potential returns per unit of risk. DocGo Inc is currently generating about 0.04 per unit of risk. If you would invest  255.00  in Streamline Health Solutions on May 13, 2025 and sell it today you would earn a total of  279.00  from holding Streamline Health Solutions or generate 109.41% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Streamline Health Solutions  vs.  DocGo Inc

Streamline Health

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Streamline Health Solutions are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Streamline Health displayed solid returns over the last few months and may actually be approaching a breakup point.

DocGo Inc

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in DocGo Inc are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of very weak technical and fundamental indicators, DocGo may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Streamline Health and DocGo

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

The idea behind Streamline Health Solutions and DocGo Inc 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.

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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.