Correlation Between Integra LifeSciences and OpGen
Can any of the company-specific risk be diversified away by investing in both Integra LifeSciences and OpGen 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 OpGen 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 OpGen Inc, you can compare the effects of market volatilities on Integra LifeSciences and OpGen 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 OpGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra LifeSciences and OpGen.
Diversification Opportunities for Integra LifeSciences and OpGen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Integra and OpGen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Integra LifeSciences Holdings and OpGen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpGen Inc 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 OpGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OpGen Inc has no effect on the direction of Integra LifeSciences i.e., Integra LifeSciences and OpGen go up and down completely randomly.
Pair Corralation between Integra LifeSciences and OpGen
If you would invest (100.00) in OpGen Inc on January 12, 2025 and sell it today you would earn a total of 100.00 from holding OpGen Inc 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. OpGen Inc
Performance |
| Timeline |
| Integra LifeSciences |
| OpGen Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Integra LifeSciences and OpGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra LifeSciences and OpGen
The main advantage of trading using opposite Integra LifeSciences and OpGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra LifeSciences position performs unexpectedly, OpGen 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 OpGen will offset losses from the drop in OpGen's long position.| Integra LifeSciences vs. ICU Medical | Integra LifeSciences vs. CONMED | Integra LifeSciences vs. Haemonetics | Integra LifeSciences vs. Merit Medical Systems |
| OpGen vs. Bone Biologics Corp | OpGen vs. NanoVibronix | OpGen vs. Bluejay Diagnostics | OpGen vs. Vivos Therapeutics |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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