Correlation Between Haemonetics and Quantum Medical

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

By analyzing existing cross correlation between Haemonetics and Quantum Medical Transport, you can compare the effects of market volatilities on Haemonetics and Quantum Medical 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 Quantum Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haemonetics and Quantum Medical.

Diversification Opportunities for Haemonetics and Quantum Medical

-0.41

Correlation Coefficient

Haemonetics  Quantum Medical

Very good diversification

The 3 months correlation between Haemonetics and Quantum is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and Quantum Medical Transport in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quantum Medical Transport 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 Quantum Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quantum Medical Transport has no effect on the direction of Haemonetics i.e., Haemonetics and Quantum Medical go up and down completely randomly.

Pair Corralation between Haemonetics and Quantum Medical

Considering the 90-day investment horizon Haemonetics is expected to under-perform the Quantum Medical. But the stock apears to be less risky and, when comparing its historical volatility, Haemonetics is 34.29 times less risky than Quantum Medical. The stock trades about -0.09 of its potential returns per unit of risk. The Quantum Medical Transport is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Quantum Medical Transport on May 18, 2025 and sell it today you would earn a total of  0.01  from holding Quantum Medical Transport or generate 9.223372036854776E16% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	98.41%
Values	Daily Returns

Haemonetics  vs.  Quantum Medical Transport

Haemonetics

Risk-Adjusted Performance

Weakest

Over the last 90 days Haemonetics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in September 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Quantum Medical Transport

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Quantum Medical Transport are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of very fragile basic indicators, Quantum Medical displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Haemonetics and Quantum Medical

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

The idea behind Haemonetics and Quantum Medical Transport 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.

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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.