Correlation Between Sartorius Stedim and Integragen
Can any of the company-specific risk be diversified away by investing in both Sartorius Stedim and Integragen 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 Sartorius Stedim and Integragen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sartorius Stedim Biotech and Integragen, you can compare the effects of market volatilities on Sartorius Stedim and Integragen 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 Sartorius Stedim with a short position of Integragen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sartorius Stedim and Integragen.
Diversification Opportunities for Sartorius Stedim and Integragen
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sartorius and Integragen is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Sartorius Stedim Biotech and Integragen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integragen and Sartorius Stedim 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 Sartorius Stedim Biotech are associated (or correlated) with Integragen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integragen has no effect on the direction of Sartorius Stedim i.e., Sartorius Stedim and Integragen go up and down completely randomly.
Pair Corralation between Sartorius Stedim and Integragen
Assuming the 90 days trading horizon Sartorius Stedim Biotech is expected to generate 0.65 times more return on investment than Integragen. However, Sartorius Stedim Biotech is 1.55 times less risky than Integragen. It trades about -0.11 of its potential returns per unit of risk. Integragen is currently generating about -0.21 per unit of risk. If you would invest 19,075 in Sartorius Stedim Biotech on August 28, 2024 and sell it today you would lose (1,165) from holding Sartorius Stedim Biotech or give up 6.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sartorius Stedim Biotech vs. Integragen
Performance |
| Timeline |
| Sartorius Stedim Biotech |
| Integragen |
Sartorius Stedim and Integragen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sartorius Stedim and Integragen
The main advantage of trading using opposite Sartorius Stedim and Integragen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sartorius Stedim position performs unexpectedly, Integragen 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 Integragen will offset losses from the drop in Integragen's long position.| Sartorius Stedim vs. Eurofins Scientific SE | Sartorius Stedim vs. Teleperformance SE | Sartorius Stedim vs. Biomerieux SA | Sartorius Stedim vs. Dassault Systemes SE |
| Integragen vs. Biomerieux SA | Integragen vs. Eurofins Scientific SE | Integragen vs. Sartorius Stedim Biotech | Integragen vs. SEB SA |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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