Correlation Between Repligen and Bridgetown Holdings
Can any of the company-specific risk be diversified away by investing in both Repligen and Bridgetown Holdings 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 Repligen and Bridgetown Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Repligen and Bridgetown Holdings, you can compare the effects of market volatilities on Repligen and Bridgetown Holdings 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 Repligen with a short position of Bridgetown Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Repligen and Bridgetown Holdings.
Diversification Opportunities for Repligen and Bridgetown Holdings
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Repligen and Bridgetown is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Repligen and Bridgetown Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bridgetown Holdings and Repligen 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 Repligen are associated (or correlated) with Bridgetown Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bridgetown Holdings has no effect on the direction of Repligen i.e., Repligen and Bridgetown Holdings go up and down completely randomly.
Pair Corralation between Repligen and Bridgetown Holdings
If you would invest 15,927 in Repligen on September 3, 2024 and sell it today you would lose (873.00) from holding Repligen or give up 5.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Repligen vs. Bridgetown Holdings
Performance |
| Timeline |
| Repligen |
| Bridgetown Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Repligen and Bridgetown Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Repligen and Bridgetown Holdings
The main advantage of trading using opposite Repligen and Bridgetown Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Repligen position performs unexpectedly, Bridgetown Holdings 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 Bridgetown Holdings will offset losses from the drop in Bridgetown Holdings' long position.| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
| Bridgetown Holdings vs. Bassett Furniture Industries | Bridgetown Holdings vs. Alvotech | Bridgetown Holdings vs. Repligen | Bridgetown Holdings vs. JBG SMITH Properties |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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