Correlation Between James Cropper and Surgical Science
Can any of the company-specific risk be diversified away by investing in both James Cropper and Surgical Science 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 James Cropper and Surgical Science into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between James Cropper PLC and Surgical Science Sweden, you can compare the effects of market volatilities on James Cropper and Surgical Science 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 James Cropper with a short position of Surgical Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of James Cropper and Surgical Science.
Diversification Opportunities for James Cropper and Surgical Science
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between James and Surgical is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding James Cropper PLC and Surgical Science Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surgical Science Sweden and James Cropper 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 James Cropper PLC are associated (or correlated) with Surgical Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surgical Science Sweden has no effect on the direction of James Cropper i.e., James Cropper and Surgical Science go up and down completely randomly.
Pair Corralation between James Cropper and Surgical Science
Assuming the 90 days trading horizon James Cropper PLC is expected to generate 0.28 times more return on investment than Surgical Science. However, James Cropper PLC is 3.55 times less risky than Surgical Science. It trades about 0.19 of its potential returns per unit of risk. Surgical Science Sweden is currently generating about -0.13 per unit of risk. If you would invest 26,500 in James Cropper PLC on September 6, 2025 and sell it today you would earn a total of 8,000 from holding James Cropper PLC or generate 30.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
James Cropper PLC vs. Surgical Science Sweden
Performance |
| Timeline |
| James Cropper PLC |
| Surgical Science Sweden |
James Cropper and Surgical Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with James Cropper and Surgical Science
The main advantage of trading using opposite James Cropper and Surgical Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if James Cropper position performs unexpectedly, Surgical Science 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 Surgical Science will offset losses from the drop in Surgical Science's long position.| James Cropper vs. Morgan Advanced Materials | James Cropper vs. Aptitude Software Group | James Cropper vs. Vulcan Materials Co | James Cropper vs. Fonix Mobile plc |
| Surgical Science vs. The Beauty Tech | Surgical Science vs. MTI Wireless Edge | Surgical Science vs. Allianz Technology Trust | Surgical Science vs. Logitech International SA |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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