Correlation Between Integra LifeSciences and Acutus Medical
Can any of the company-specific risk be diversified away by investing in both Integra LifeSciences and Acutus Medical 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 Integra LifeSciences and Acutus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integra LifeSciences Holdings and Acutus Medical, you can compare the effects of market volatilities on Integra LifeSciences and Acutus Medical 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 Integra LifeSciences with a short position of Acutus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra LifeSciences and Acutus Medical.
Diversification Opportunities for Integra LifeSciences and Acutus Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Integra and Acutus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Integra LifeSciences Holdings and Acutus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acutus Medical and Integra LifeSciences 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 Integra LifeSciences Holdings are associated (or correlated) with Acutus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acutus Medical has no effect on the direction of Integra LifeSciences i.e., Integra LifeSciences and Acutus Medical go up and down completely randomly.
Pair Corralation between Integra LifeSciences and Acutus Medical
If you would invest (100.00) in Acutus Medical on November 29, 2024 and sell it today you would earn a total of 100.00 from holding Acutus Medical or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Integra LifeSciences Holdings vs. Acutus Medical
Performance |
| Timeline |
| Integra LifeSciences |
| Acutus Medical |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Integra LifeSciences and Acutus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra LifeSciences and Acutus Medical
The main advantage of trading using opposite Integra LifeSciences and Acutus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra LifeSciences position performs unexpectedly, Acutus Medical 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 Acutus Medical will offset losses from the drop in Acutus Medical's long position.| Integra LifeSciences vs. ICU Medical | Integra LifeSciences vs. CONMED | Integra LifeSciences vs. Haemonetics | Integra LifeSciences vs. Merit Medical Systems |
| Acutus Medical vs. STRATA Skin Sciences | Acutus Medical vs. Axogen Inc | Acutus Medical vs. Ainos Inc | Acutus Medical vs. LENSAR Inc |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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