Correlation Between Haemonetics and IRIDEX

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

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

Diversification Opportunities for Haemonetics and IRIDEX

0.62

Correlation Coefficient

Haemonetics  IRIDEX

Poor diversification

The 3 months correlation between Haemonetics and IRIDEX is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and IRIDEX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IRIDEX 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 IRIDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IRIDEX has no effect on the direction of Haemonetics i.e., Haemonetics and IRIDEX go up and down completely randomly.

Pair Corralation between Haemonetics and IRIDEX

Considering the 90-day investment horizon Haemonetics is expected to under-perform the IRIDEX. But the stock apears to be less risky and, when comparing its historical volatility, Haemonetics is 1.03 times less risky than IRIDEX. The stock trades about -0.13 of its potential returns per unit of risk. The IRIDEX is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  132.00  in IRIDEX on July 24, 2025 and sell it today you would lose (24.00) from holding IRIDEX or give up 18.18% of portfolio value over 90 days.

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

Haemonetics  vs.  IRIDEX

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 weak performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in November 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

IRIDEX

Risk-Adjusted Performance

Weakest

Over the last 90 days IRIDEX has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's forward indicators remain fairly strong which may send shares a bit higher in November 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with Haemonetics and IRIDEX

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

The idea behind Haemonetics and IRIDEX 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.