Correlation Between Integer Holdings and OraSure Technologies

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

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

Diversification Opportunities for Integer Holdings and OraSure Technologies

-0.14

Correlation Coefficient

Integer Holdings  OraSure Technologies

Good diversification

The 3 months correlation between Integer and OraSure is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Integer Holdings Corp and OraSure Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OraSure Technologies and Integer Holdings 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 Integer Holdings Corp are associated (or correlated) with OraSure Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OraSure Technologies has no effect on the direction of Integer Holdings i.e., Integer Holdings and OraSure Technologies go up and down completely randomly.

Pair Corralation between Integer Holdings and OraSure Technologies

Given the investment horizon of 90 days Integer Holdings Corp is expected to under-perform the OraSure Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Integer Holdings Corp is 1.78 times less risky than OraSure Technologies. The stock trades about -0.12 of its potential returns per unit of risk. The OraSure Technologies is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  305.00  in OraSure Technologies on July 4, 2025 and sell it today you would earn a total of  10.00  from holding OraSure Technologies or generate 3.28% return on investment over 90 days.

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

Integer Holdings Corp  vs.  OraSure Technologies

Integer Holdings Corp

Risk-Adjusted Performance

Weakest

Over the last 90 days Integer Holdings Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest uncertain performance, the Stock's technical and fundamental indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.

OraSure Technologies

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in OraSure Technologies are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Even with relatively invariable basic indicators, OraSure Technologies is not utilizing all of its potentials. The recent stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with Integer Holdings and OraSure Technologies

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

The idea behind Integer Holdings Corp and OraSure Technologies 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.