Correlation Between NanoString Technologies and Haemonetics
Can any of the company-specific risk be diversified away by investing in both NanoString Technologies and Haemonetics 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 NanoString Technologies and Haemonetics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NanoString Technologies and Haemonetics, you can compare the effects of market volatilities on NanoString Technologies and Haemonetics 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 NanoString Technologies with a short position of Haemonetics. Check out your portfolio center. Please also check ongoing floating volatility patterns of NanoString Technologies and Haemonetics.
Diversification Opportunities for NanoString Technologies and Haemonetics
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NanoString and Haemonetics is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding NanoString Technologies and Haemonetics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haemonetics and NanoString Technologies 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 NanoString Technologies are associated (or correlated) with Haemonetics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haemonetics has no effect on the direction of NanoString Technologies i.e., NanoString Technologies and Haemonetics go up and down completely randomly.
Pair Corralation between NanoString Technologies and Haemonetics
If you would invest 7,573 in Haemonetics on August 28, 2024 and sell it today you would earn a total of 1,273 from holding Haemonetics or generate 16.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
NanoString Technologies vs. Haemonetics
Performance |
| Timeline |
| NanoString Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Haemonetics |
NanoString Technologies and Haemonetics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NanoString Technologies and Haemonetics
The main advantage of trading using opposite NanoString Technologies and Haemonetics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NanoString Technologies position performs unexpectedly, Haemonetics 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 Haemonetics will offset losses from the drop in Haemonetics' long position.| NanoString Technologies vs. Veracyte | NanoString Technologies vs. Syros Pharmaceuticals | NanoString Technologies vs. Seres Therapeutics | NanoString Technologies vs. Iovance Biotherapeutics |
| Haemonetics vs. Merit Medical Systems | Haemonetics vs. AngioDynamics | Haemonetics vs. AptarGroup | Haemonetics vs. Envista Holdings Corp |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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