Correlation Between CASI Pharmaceuticals and Henry Schein

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

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

Diversification Opportunities for CASI Pharmaceuticals and Henry Schein

-0.26

Correlation Coefficient

CASI Pharmaceuticals  Henry Schein

Very good diversification

The 3 months correlation between CASI and Henry is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding CASI Pharmaceuticals and Henry Schein in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henry Schein and CASI Pharmaceuticals 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 CASI Pharmaceuticals are associated (or correlated) with Henry Schein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henry Schein has no effect on the direction of CASI Pharmaceuticals i.e., CASI Pharmaceuticals and Henry Schein go up and down completely randomly.

Pair Corralation between CASI Pharmaceuticals and Henry Schein

Given the investment horizon of 90 days CASI Pharmaceuticals is expected to under-perform the Henry Schein. In addition to that, CASI Pharmaceuticals is 4.16 times more volatile than Henry Schein. It trades about -0.07 of its total potential returns per unit of risk. Henry Schein is currently generating about 0.02 per unit of volatility. If you would invest  6,658  in Henry Schein on May 3, 2025 and sell it today you would earn a total of  107.00  from holding Henry Schein or generate 1.61% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

CASI Pharmaceuticals  vs.  Henry Schein

CASI Pharmaceuticals

Risk-Adjusted Performance

Very Weak

Over the last 90 days CASI Pharmaceuticals has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in September 2025. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

Henry Schein

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Henry Schein are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound forward indicators, Henry Schein is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

Pair Trading with CASI Pharmaceuticals and Henry Schein

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

The idea behind CASI Pharmaceuticals and Henry Schein 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..