Correlation Between Integer Holdings and Check Cap
Can any of the company-specific risk be diversified away by investing in both Integer Holdings and Check Cap 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 Integer Holdings and Check Cap into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integer Holdings Corp and Check Cap, you can compare the effects of market volatilities on Integer Holdings and Check Cap 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 Integer Holdings with a short position of Check Cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integer Holdings and Check Cap.
Diversification Opportunities for Integer Holdings and Check Cap
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Integer and Check is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Integer Holdings Corp and Check Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Check Cap and Integer Holdings 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 Integer Holdings Corp are associated (or correlated) with Check Cap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Check Cap has no effect on the direction of Integer Holdings i.e., Integer Holdings and Check Cap go up and down completely randomly.
Pair Corralation between Integer Holdings and Check Cap
Given the investment horizon of 90 days Integer Holdings Corp is expected to generate 0.46 times more return on investment than Check Cap. However, Integer Holdings Corp is 2.17 times less risky than Check Cap. It trades about 0.08 of its potential returns per unit of risk. Check Cap is currently generating about -0.2 per unit of risk. If you would invest 12,165 in Integer Holdings Corp on August 28, 2024 and sell it today you would earn a total of 1,863 from holding Integer Holdings Corp or generate 15.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integer Holdings Corp vs. Check Cap
Performance |
| Timeline |
| Integer Holdings Corp |
| Check Cap |
Integer Holdings and Check Cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integer Holdings and Check Cap
The main advantage of trading using opposite Integer Holdings and Check Cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integer Holdings position performs unexpectedly, Check Cap 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 Check Cap will offset losses from the drop in Check Cap's long position.| Integer Holdings vs. Nutex Health | Integer Holdings vs. Mangoceuticals, Common Stock | Integer Holdings vs. Aclarion |
| Check Cap vs. Fonar | Check Cap vs. Burning Rock Biotech | Check Cap vs. Sera Prognostics | Check Cap vs. Psychemedics |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |