Correlation Between Repligen and Haemonetics
Can any of the company-specific risk be diversified away by investing in both Repligen 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 Repligen and Haemonetics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Repligen and Haemonetics, you can compare the effects of market volatilities on Repligen 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 Repligen with a short position of Haemonetics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Repligen and Haemonetics.
Diversification Opportunities for Repligen and Haemonetics
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Repligen and Haemonetics is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Repligen and Haemonetics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haemonetics 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 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 Repligen i.e., Repligen and Haemonetics go up and down completely randomly.
Pair Corralation between Repligen and Haemonetics
Given the investment horizon of 90 days Repligen is expected to generate 0.81 times more return on investment than Haemonetics. However, Repligen is 1.24 times less risky than Haemonetics. It trades about 0.31 of its potential returns per unit of risk. Haemonetics is currently generating about -0.11 per unit of risk. If you would invest 14,565 in Repligen on October 22, 2024 and sell it today you would earn a total of 1,486 from holding Repligen or generate 10.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Repligen vs. Haemonetics
Performance |
| Timeline |
| Repligen |
| Haemonetics |
Repligen and Haemonetics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Repligen and Haemonetics
The main advantage of trading using opposite Repligen and Haemonetics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Repligen 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.| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
| 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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