Correlation Between Harrow Health and SS Innovations
Can any of the company-specific risk be diversified away by investing in both Harrow Health and SS Innovations 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 Harrow Health and SS Innovations into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harrow Health and SS Innovations International, you can compare the effects of market volatilities on Harrow Health and SS Innovations 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 Harrow Health with a short position of SS Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harrow Health and SS Innovations.
Diversification Opportunities for Harrow Health and SS Innovations
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harrow and SSII is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Harrow Health and SS Innovations International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SS Innovations Inter and Harrow Health 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 Harrow Health are associated (or correlated) with SS Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SS Innovations Inter has no effect on the direction of Harrow Health i.e., Harrow Health and SS Innovations go up and down completely randomly.
Pair Corralation between Harrow Health and SS Innovations
Given the investment horizon of 90 days Harrow Health is expected to generate 2.57 times less return on investment than SS Innovations. But when comparing it to its historical volatility, Harrow Health is 1.95 times less risky than SS Innovations. It trades about 0.07 of its potential returns per unit of risk. SS Innovations International is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 720.00 in SS Innovations International on July 26, 2025 and sell it today you would earn a total of 205.00 from holding SS Innovations International or generate 28.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harrow Health vs. SS Innovations International
Performance |
| Timeline |
| Harrow Health |
| SS Innovations Inter |
Harrow Health and SS Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harrow Health and SS Innovations
The main advantage of trading using opposite Harrow Health and SS Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harrow Health position performs unexpectedly, SS Innovations 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 SS Innovations will offset losses from the drop in SS Innovations' long position.| Harrow Health vs. Evotec SE ADR | Harrow Health vs. Phibro Animal Health | Harrow Health vs. Avadel Pharmaceuticals PLC | Harrow Health vs. Novocure |
| SS Innovations vs. Merck Company | SS Innovations vs. Immunic | SS Innovations vs. Upexi Inc | SS Innovations vs. SU Group Holdings |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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