Correlation Between Gannett and Intuitive Surgical
Can any of the company-specific risk be diversified away by investing in both Gannett and Intuitive Surgical 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 Gannett and Intuitive Surgical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gannett Co and Intuitive Surgical, you can compare the effects of market volatilities on Gannett and Intuitive Surgical 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 Gannett with a short position of Intuitive Surgical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gannett and Intuitive Surgical.
Diversification Opportunities for Gannett and Intuitive Surgical
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gannett and Intuitive is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Gannett Co and Intuitive Surgical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intuitive Surgical and Gannett 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 Gannett Co are associated (or correlated) with Intuitive Surgical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intuitive Surgical has no effect on the direction of Gannett i.e., Gannett and Intuitive Surgical go up and down completely randomly.
Pair Corralation between Gannett and Intuitive Surgical
Considering the 90-day investment horizon Gannett Co is expected to generate 1.9 times more return on investment than Intuitive Surgical. However, Gannett is 1.9 times more volatile than Intuitive Surgical. It trades about 0.11 of its potential returns per unit of risk. Intuitive Surgical is currently generating about -0.17 per unit of risk. If you would invest 349.00 in Gannett Co on June 3, 2025 and sell it today you would earn a total of 62.00 from holding Gannett Co or generate 17.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gannett Co vs. Intuitive Surgical
Performance |
| Timeline |
| Gannett |
| Intuitive Surgical |
Gannett and Intuitive Surgical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gannett and Intuitive Surgical
The main advantage of trading using opposite Gannett and Intuitive Surgical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gannett position performs unexpectedly, Intuitive Surgical 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 Intuitive Surgical will offset losses from the drop in Intuitive Surgical's long position.| Gannett vs. Liberty Media | Gannett vs. Warner Music Group | Gannett vs. Madison Square Garden | Gannett vs. News Corp A |
| Intuitive Surgical vs. Repro Med Systems | Intuitive Surgical vs. InfuSystems Holdings | Intuitive Surgical vs. Milestone Scientific | Intuitive Surgical vs. Sysmex Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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