Correlation Between Integer Holdings and JIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Integer Holdings and JIN 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 Integer Holdings and JIN MEDICAL 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 JIN MEDICAL INTERNATIONAL, you can compare the effects of market volatilities on Integer Holdings and JIN 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 Integer Holdings with a short position of JIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integer Holdings and JIN MEDICAL.
Diversification Opportunities for Integer Holdings and JIN MEDICAL
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Integer and JIN is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Integer Holdings Corp and JIN MEDICAL INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIN MEDICAL INTERNATIONAL 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 JIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIN MEDICAL INTERNATIONAL has no effect on the direction of Integer Holdings i.e., Integer Holdings and JIN MEDICAL go up and down completely randomly.
Pair Corralation between Integer Holdings and JIN MEDICAL
Given the investment horizon of 90 days Integer Holdings Corp is expected to generate 0.29 times more return on investment than JIN MEDICAL. However, Integer Holdings Corp is 3.51 times less risky than JIN MEDICAL. It trades about 0.19 of its potential returns per unit of risk. JIN MEDICAL INTERNATIONAL is currently generating about -0.44 per unit of risk. If you would invest 13,010 in Integer Holdings Corp on August 30, 2024 and sell it today you would earn a total of 1,070 from holding Integer Holdings Corp or generate 8.22% 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. JIN MEDICAL INTERNATIONAL
Performance |
| Timeline |
| Integer Holdings Corp |
| JIN MEDICAL INTERNATIONAL |
Integer Holdings and JIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integer Holdings and JIN MEDICAL
The main advantage of trading using opposite Integer Holdings and JIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integer Holdings position performs unexpectedly, JIN 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 JIN MEDICAL will offset losses from the drop in JIN MEDICAL's long position.| Integer Holdings vs. CONMED | Integer Holdings vs. LivaNova PLC | Integer Holdings vs. iRhythm Technologies | Integer Holdings vs. Pulmonx Corp |
| JIN MEDICAL vs. ReShape Lifesciences | JIN MEDICAL vs. Bone Biologics Corp | JIN MEDICAL vs. Tivic Health Systems | JIN MEDICAL vs. Nuwellis |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |