Correlation Between Repligen and Hologic
Can any of the company-specific risk be diversified away by investing in both Repligen and Hologic 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 Hologic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Repligen and Hologic, you can compare the effects of market volatilities on Repligen and Hologic 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 Hologic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Repligen and Hologic.
Diversification Opportunities for Repligen and Hologic
Modest diversification
The 3 months correlation between Repligen and Hologic is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Repligen and Hologic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hologic 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 Hologic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hologic has no effect on the direction of Repligen i.e., Repligen and Hologic go up and down completely randomly.
Pair Corralation between Repligen and Hologic
Given the investment horizon of 90 days Repligen is expected to generate 8.95 times less return on investment than Hologic. In addition to that, Repligen is 2.62 times more volatile than Hologic. It trades about 0.0 of its total potential returns per unit of risk. Hologic is currently generating about 0.01 per unit of volatility. If you would invest 7,511 in Hologic on August 24, 2024 and sell it today you would earn a total of 386.00 from holding Hologic or generate 5.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Repligen vs. Hologic
Performance |
| Timeline |
| Repligen |
| Hologic |
Repligen and Hologic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Repligen and Hologic
The main advantage of trading using opposite Repligen and Hologic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Repligen position performs unexpectedly, Hologic 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 Hologic will offset losses from the drop in Hologic's long position.| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
| Hologic vs. Haemonetics | Hologic vs. ICU Medical | Hologic vs. Envista Holdings Corp | Hologic vs. The Cooper Companies, |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |