Correlation Between Repligen and REPUBLIC

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Can any of the company-specific risk be diversified away by investing in both Repligen and REPUBLIC 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 REPUBLIC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Repligen and REPUBLIC SERVICES INC, you can compare the effects of market volatilities on Repligen and REPUBLIC 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 REPUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Repligen and REPUBLIC.

Diversification Opportunities for Repligen and REPUBLIC

0.01
  Correlation Coefficient

Significant diversification

The 3 months correlation between Repligen and REPUBLIC is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Repligen and REPUBLIC SERVICES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on REPUBLIC SERVICES INC 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 REPUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of REPUBLIC SERVICES INC has no effect on the direction of Repligen i.e., Repligen and REPUBLIC go up and down completely randomly.

Pair Corralation between Repligen and REPUBLIC

Given the investment horizon of 90 days Repligen is expected to under-perform the REPUBLIC. In addition to that, Repligen is 5.19 times more volatile than REPUBLIC SERVICES INC. It trades about 0.0 of its total potential returns per unit of risk. REPUBLIC SERVICES INC is currently generating about 0.01 per unit of volatility. If you would invest  8,071  in REPUBLIC SERVICES INC on September 12, 2024 and sell it today you would earn a total of  106.00  from holding REPUBLIC SERVICES INC or generate 1.31% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy99.19%
ValuesDaily Returns

Repligen  vs.  REPUBLIC SERVICES INC

 Performance 
       Timeline  
Repligen 

Risk-Adjusted Performance

4 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in Repligen are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of very fragile technical and fundamental indicators, Repligen may actually be approaching a critical reversion point that can send shares even higher in January 2025.
REPUBLIC SERVICES INC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days REPUBLIC SERVICES INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, REPUBLIC is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Repligen and REPUBLIC Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Repligen and REPUBLIC

The main advantage of trading using opposite Repligen and REPUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Repligen position performs unexpectedly, REPUBLIC 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 REPUBLIC will offset losses from the drop in REPUBLIC's long position.
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The idea behind Repligen and REPUBLIC SERVICES INC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.

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