Correlation Between Haemonetics and SharkNinja,

Can any of the company-specific risk be diversified away by investing in both Haemonetics and SharkNinja, 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 Haemonetics and SharkNinja, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Haemonetics and SharkNinja,, you can compare the effects of market volatilities on Haemonetics and SharkNinja, 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 Haemonetics with a short position of SharkNinja,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haemonetics and SharkNinja,.

Diversification Opportunities for Haemonetics and SharkNinja,

-0.28

Correlation Coefficient

Haemonetics  SharkNinja,

Very good diversification

The 3 months correlation between Haemonetics and SharkNinja, is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and SharkNinja, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SharkNinja, and Haemonetics 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 Haemonetics are associated (or correlated) with SharkNinja,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SharkNinja, has no effect on the direction of Haemonetics i.e., Haemonetics and SharkNinja, go up and down completely randomly.

Pair Corralation between Haemonetics and SharkNinja,

Considering the 90-day investment horizon Haemonetics is expected to under-perform the SharkNinja,. But the stock apears to be less risky and, when comparing its historical volatility, Haemonetics is 1.18 times less risky than SharkNinja,. The stock trades about -0.24 of its potential returns per unit of risk. The SharkNinja, is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  10,271  in SharkNinja, on October 25, 2024 and sell it today you would earn a total of  894.00  from holding SharkNinja, or generate 8.7% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	97.44%
Values	Daily Returns

Haemonetics  vs.  SharkNinja,

Haemonetics

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Haemonetics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Haemonetics is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

SharkNinja,

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in SharkNinja, are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of very healthy basic indicators, SharkNinja, is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Haemonetics and SharkNinja,

The main advantage of trading using opposite Haemonetics and SharkNinja, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haemonetics position performs unexpectedly, SharkNinja, 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 SharkNinja, will offset losses from the drop in SharkNinja,'s long position.

The idea behind Haemonetics and SharkNinja, 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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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..