Correlation Between Haemonetics and Akoya Biosciences
Can any of the company-specific risk be diversified away by investing in both Haemonetics and Akoya Biosciences 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 Haemonetics and Akoya Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haemonetics and Akoya Biosciences, you can compare the effects of market volatilities on Haemonetics and Akoya Biosciences 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 Haemonetics with a short position of Akoya Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haemonetics and Akoya Biosciences.
Diversification Opportunities for Haemonetics and Akoya Biosciences
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Haemonetics and Akoya is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and Akoya Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akoya Biosciences and Haemonetics 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 Haemonetics are associated (or correlated) with Akoya Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akoya Biosciences has no effect on the direction of Haemonetics i.e., Haemonetics and Akoya Biosciences go up and down completely randomly.
Pair Corralation between Haemonetics and Akoya Biosciences
Considering the 90-day investment horizon Haemonetics is expected to generate 0.43 times more return on investment than Akoya Biosciences. However, Haemonetics is 2.33 times less risky than Akoya Biosciences. It trades about 0.2 of its potential returns per unit of risk. Akoya Biosciences is currently generating about -0.16 per unit of risk. If you would invest 7,573 in Haemonetics on August 27, 2024 and sell it today you would earn a total of 982.00 from holding Haemonetics or generate 12.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haemonetics vs. Akoya Biosciences
Performance |
| Timeline |
| Haemonetics |
| Akoya Biosciences |
Haemonetics and Akoya Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haemonetics and Akoya Biosciences
The main advantage of trading using opposite Haemonetics and Akoya Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haemonetics position performs unexpectedly, Akoya Biosciences 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 Akoya Biosciences will offset losses from the drop in Akoya Biosciences' long position.| Haemonetics vs. Merit Medical Systems | Haemonetics vs. AngioDynamics | Haemonetics vs. AptarGroup | Haemonetics vs. Envista Holdings Corp |
| Akoya Biosciences vs. AtriCure | Akoya Biosciences vs. ICU Medical | Akoya Biosciences vs. Haemonetics | Akoya Biosciences vs. AngioDynamics |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |