Correlation Between ReShape Lifesciences and Haemonetics
Can any of the company-specific risk be diversified away by investing in both ReShape Lifesciences and Haemonetics 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 ReShape Lifesciences and Haemonetics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ReShape Lifesciences and Haemonetics, you can compare the effects of market volatilities on ReShape Lifesciences and Haemonetics 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 ReShape Lifesciences with a short position of Haemonetics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ReShape Lifesciences and Haemonetics.
Diversification Opportunities for ReShape Lifesciences and Haemonetics
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ReShape and Haemonetics is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding ReShape Lifesciences and Haemonetics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haemonetics and ReShape Lifesciences 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 ReShape Lifesciences are associated (or correlated) with Haemonetics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haemonetics has no effect on the direction of ReShape Lifesciences i.e., ReShape Lifesciences and Haemonetics go up and down completely randomly.
Pair Corralation between ReShape Lifesciences and Haemonetics
Given the investment horizon of 90 days ReShape Lifesciences is expected to under-perform the Haemonetics. In addition to that, ReShape Lifesciences is 8.18 times more volatile than Haemonetics. It trades about -0.12 of its total potential returns per unit of risk. Haemonetics is currently generating about 0.19 per unit of volatility. If you would invest 6,249 in Haemonetics on May 4, 2025 and sell it today you would earn a total of 1,228 from holding Haemonetics or generate 19.65% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
ReShape Lifesciences vs. Haemonetics
Performance |
Timeline |
ReShape Lifesciences |
Haemonetics |
ReShape Lifesciences and Haemonetics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ReShape Lifesciences and Haemonetics
The main advantage of trading using opposite ReShape Lifesciences and Haemonetics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ReShape Lifesciences position performs unexpectedly, Haemonetics 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 Haemonetics will offset losses from the drop in Haemonetics' long position.ReShape Lifesciences vs. Nuwellis | ReShape Lifesciences vs. SINTX Technologies | ReShape Lifesciences vs. NanoVibronix | ReShape Lifesciences vs. Palisade Bio |
Haemonetics vs. ICU Medical | Haemonetics vs. Merit Medical Systems | Haemonetics vs. The Cooper Companies, | Haemonetics vs. AngioDynamics |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |