Correlation Between HealthEquity and AptarGroup
Can any of the company-specific risk be diversified away by investing in both HealthEquity and AptarGroup 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 HealthEquity and AptarGroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HealthEquity and AptarGroup, you can compare the effects of market volatilities on HealthEquity and AptarGroup 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 HealthEquity with a short position of AptarGroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of HealthEquity and AptarGroup.
Diversification Opportunities for HealthEquity and AptarGroup
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HealthEquity and AptarGroup is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding HealthEquity and AptarGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AptarGroup and HealthEquity 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 HealthEquity are associated (or correlated) with AptarGroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AptarGroup has no effect on the direction of HealthEquity i.e., HealthEquity and AptarGroup go up and down completely randomly.
Pair Corralation between HealthEquity and AptarGroup
Considering the 90-day investment horizon HealthEquity is expected to generate 1.76 times more return on investment than AptarGroup. However, HealthEquity is 1.76 times more volatile than AptarGroup. It trades about 0.1 of its potential returns per unit of risk. AptarGroup is currently generating about -0.2 per unit of risk. If you would invest 9,106 in HealthEquity on August 21, 2025 and sell it today you would earn a total of 1,168 from holding HealthEquity or generate 12.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HealthEquity vs. AptarGroup
Performance |
| Timeline |
| HealthEquity |
| AptarGroup |
HealthEquity and AptarGroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HealthEquity and AptarGroup
The main advantage of trading using opposite HealthEquity and AptarGroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HealthEquity position performs unexpectedly, AptarGroup 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 AptarGroup will offset losses from the drop in AptarGroup's long position.| HealthEquity vs. Globus Medical | HealthEquity vs. Molina Healthcare | HealthEquity vs. Penumbra | HealthEquity vs. BrightSpring Health Services, |
| AptarGroup vs. Masimo | AptarGroup vs. Stevanato Group SpA | AptarGroup vs. Henry Schein | AptarGroup vs. Avantor |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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