Correlation Between Heska and Inogen

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

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

Diversification Opportunities for Heska and Inogen

0.0

Correlation Coefficient

Heska  Inogen

Pay attention - limited upside

The 3 months correlation between Heska and Inogen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Heska and Inogen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inogen Inc and Heska 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 Heska are associated (or correlated) with Inogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inogen Inc has no effect on the direction of Heska i.e., Heska and Inogen go up and down completely randomly.

Pair Corralation between Heska and Inogen

If you would invest (100.00) in Heska on December 28, 2024 and sell it today you would earn a total of  100.00  from holding Heska or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Heska  vs.  Inogen Inc

Heska

Risk-Adjusted Performance

Very Weak

Over the last 90 days Heska has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong forward-looking signals, Heska is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Inogen Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Inogen Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's technical and fundamental indicators remain very healthy which may send shares a bit higher in April 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Heska and Inogen

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

The idea behind Heska and Inogen 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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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.