Correlation Between Hims Hers and Henry Schein
Can any of the company-specific risk be diversified away by investing in both Hims Hers and Henry Schein 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 Hims Hers and Henry Schein into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hims Hers Health and Henry Schein, you can compare the effects of market volatilities on Hims Hers and Henry Schein 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 Hims Hers with a short position of Henry Schein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hims Hers and Henry Schein.
Diversification Opportunities for Hims Hers and Henry Schein
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hims and Henry is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Hims Hers Health and Henry Schein in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henry Schein and Hims Hers 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 Hims Hers Health are associated (or correlated) with Henry Schein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henry Schein has no effect on the direction of Hims Hers i.e., Hims Hers and Henry Schein go up and down completely randomly.
Pair Corralation between Hims Hers and Henry Schein
Given the investment horizon of 90 days Hims Hers Health is expected to under-perform the Henry Schein. In addition to that, Hims Hers is 2.62 times more volatile than Henry Schein. It trades about -0.04 of its total potential returns per unit of risk. Henry Schein is currently generating about 0.02 per unit of volatility. If you would invest 6,960 in Henry Schein on August 22, 2025 and sell it today you would earn a total of 100.00 from holding Henry Schein or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hims Hers Health vs. Henry Schein
Performance |
| Timeline |
| Hims Hers Health |
| Henry Schein |
Hims Hers and Henry Schein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hims Hers and Henry Schein
The main advantage of trading using opposite Hims Hers and Henry Schein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hims Hers position performs unexpectedly, Henry Schein 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 Henry Schein will offset losses from the drop in Henry Schein's long position.The idea behind Hims Hers Health and Henry Schein pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Henry Schein vs. Globus Medical | Henry Schein vs. AptarGroup | Henry Schein vs. Grifols SA ADR | Henry Schein vs. Molina Healthcare |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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