Correlation Between Haemonetics and Repligen
Can any of the company-specific risk be diversified away by investing in both Haemonetics and Repligen 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 Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haemonetics and Repligen, you can compare the effects of market volatilities on Haemonetics and Repligen 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 Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haemonetics and Repligen.
Diversification Opportunities for Haemonetics and Repligen
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haemonetics and Repligen is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen 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 Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Haemonetics i.e., Haemonetics and Repligen go up and down completely randomly.
Pair Corralation between Haemonetics and Repligen
Considering the 90-day investment horizon Haemonetics is expected to under-perform the Repligen. In addition to that, Haemonetics is 1.06 times more volatile than Repligen. It trades about -0.27 of its total potential returns per unit of risk. Repligen is currently generating about 0.35 per unit of volatility. If you would invest 14,305 in Repligen on November 3, 2024 and sell it today you would earn a total of 2,316 from holding Repligen or generate 16.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Haemonetics vs. Repligen
Performance |
| Timeline |
| Haemonetics |
| Repligen |
Haemonetics and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haemonetics and Repligen
The main advantage of trading using opposite Haemonetics and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haemonetics position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.| Haemonetics vs. Merit Medical Systems | Haemonetics vs. AngioDynamics | Haemonetics vs. AptarGroup | Haemonetics vs. Envista Holdings Corp |
| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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