Correlation Between Integer Holdings and Tactile Systems
Can any of the company-specific risk be diversified away by investing in both Integer Holdings and Tactile Systems 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 Tactile Systems 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 Tactile Systems Technology, you can compare the effects of market volatilities on Integer Holdings and Tactile Systems 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 Tactile Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integer Holdings and Tactile Systems.
Diversification Opportunities for Integer Holdings and Tactile Systems
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Integer and Tactile is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Integer Holdings Corp and Tactile Systems Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tactile Systems Tech 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 Tactile Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tactile Systems Tech has no effect on the direction of Integer Holdings i.e., Integer Holdings and Tactile Systems go up and down completely randomly.
Pair Corralation between Integer Holdings and Tactile Systems
Given the investment horizon of 90 days Integer Holdings Corp is expected to generate 0.41 times more return on investment than Tactile Systems. However, Integer Holdings Corp is 2.45 times less risky than Tactile Systems. It trades about -0.13 of its potential returns per unit of risk. Tactile Systems Technology is currently generating about -0.08 per unit of risk. If you would invest 12,631 in Integer Holdings Corp on April 30, 2025 and sell it today you would lose (1,786) from holding Integer Holdings Corp or give up 14.14% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Integer Holdings Corp vs. Tactile Systems Technology
Performance |
Timeline |
Integer Holdings Corp |
Tactile Systems Tech |
Integer Holdings and Tactile Systems Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Integer Holdings and Tactile Systems
The main advantage of trading using opposite Integer Holdings and Tactile Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integer Holdings position performs unexpectedly, Tactile Systems 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 Tactile Systems will offset losses from the drop in Tactile Systems' long position.Integer Holdings vs. Glaukos Corp | Integer Holdings vs. Orthopediatrics Corp | Integer Holdings vs. CONMED | Integer Holdings vs. LivaNova PLC |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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