Correlation Between AptarGroup and Globus Medical
Can any of the company-specific risk be diversified away by investing in both AptarGroup and Globus 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 AptarGroup and Globus Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AptarGroup and Globus Medical, you can compare the effects of market volatilities on AptarGroup and Globus 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 AptarGroup with a short position of Globus Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of AptarGroup and Globus Medical.
Diversification Opportunities for AptarGroup and Globus Medical
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AptarGroup and Globus is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding AptarGroup and Globus Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Globus Medical and AptarGroup 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 AptarGroup are associated (or correlated) with Globus Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Globus Medical has no effect on the direction of AptarGroup i.e., AptarGroup and Globus Medical go up and down completely randomly.
Pair Corralation between AptarGroup and Globus Medical
Considering the 90-day investment horizon AptarGroup is expected to under-perform the Globus Medical. But the stock apears to be less risky and, when comparing its historical volatility, AptarGroup is 3.78 times less risky than Globus Medical. The stock trades about -0.15 of its potential returns per unit of risk. The Globus Medical is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 6,029 in Globus Medical on September 4, 2025 and sell it today you would earn a total of 2,874 from holding Globus Medical or generate 47.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AptarGroup vs. Globus Medical
Performance |
| Timeline |
| AptarGroup |
| Globus Medical |
AptarGroup and Globus Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AptarGroup and Globus Medical
The main advantage of trading using opposite AptarGroup and Globus Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AptarGroup position performs unexpectedly, Globus 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 Globus Medical will offset losses from the drop in Globus Medical's long position.| AptarGroup vs. Eagle Mountain Mining | AptarGroup vs. Zijin Mining Group | AptarGroup vs. Strainsforpains | AptarGroup vs. Broadstone Net Lease |
| Globus Medical vs. TCL Electronics Holdings | Globus Medical vs. Renesas Electronics | Globus Medical vs. B Communications | Globus Medical vs. Video Display |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |