Correlation Between Pfizer and STRYKER
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By analyzing existing cross correlation between Pfizer Inc and STRYKER P 4375, you can compare the effects of market volatilities on Pfizer and STRYKER 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 Pfizer with a short position of STRYKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and STRYKER.
Diversification Opportunities for Pfizer and STRYKER
Good diversification
The 3 months correlation between Pfizer and STRYKER is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc and STRYKER P 4375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STRYKER P 4375 and Pfizer 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 Pfizer Inc are associated (or correlated) with STRYKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STRYKER P 4375 has no effect on the direction of Pfizer i.e., Pfizer and STRYKER go up and down completely randomly.
Pair Corralation between Pfizer and STRYKER
Considering the 90-day investment horizon Pfizer Inc is expected to under-perform the STRYKER. In addition to that, Pfizer is 1.72 times more volatile than STRYKER P 4375. It trades about -0.06 of its total potential returns per unit of risk. STRYKER P 4375 is currently generating about 0.56 per unit of volatility. If you would invest 8,557 in STRYKER P 4375 on September 12, 2024 and sell it today you would earn a total of 449.00 from holding STRYKER P 4375 or generate 5.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.86% |
| Values | Daily Returns |
Pfizer Inc vs. STRYKER P 4375
Performance |
| Timeline |
| Pfizer Inc |
| STRYKER P 4375 |
Pfizer and STRYKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and STRYKER
The main advantage of trading using opposite Pfizer and STRYKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer position performs unexpectedly, STRYKER 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 STRYKER will offset losses from the drop in STRYKER's long position.| Pfizer vs. Victory Integrity Smallmid Cap | Pfizer vs. Hilton Worldwide Holdings | Pfizer vs. NVIDIA | Pfizer vs. JPMorgan Chase Co |
| STRYKER vs. Kontoor Brands | STRYKER vs. Tarsus Pharmaceuticals | STRYKER vs. Sellas Life Sciences | STRYKER vs. Spyre 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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