Correlation Between Henry Schein and CASI Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Henry Schein and CASI Pharmaceuticals 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 Henry Schein and CASI Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Henry Schein and CASI Pharmaceuticals, you can compare the effects of market volatilities on Henry Schein and CASI Pharmaceuticals 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 Henry Schein with a short position of CASI Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henry Schein and CASI Pharmaceuticals.
Diversification Opportunities for Henry Schein and CASI Pharmaceuticals
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Henry and CASI is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Henry Schein and CASI Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CASI Pharmaceuticals and Henry Schein 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 Henry Schein are associated (or correlated) with CASI Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CASI Pharmaceuticals has no effect on the direction of Henry Schein i.e., Henry Schein and CASI Pharmaceuticals go up and down completely randomly.
Pair Corralation between Henry Schein and CASI Pharmaceuticals
Given the investment horizon of 90 days Henry Schein is expected to under-perform the CASI Pharmaceuticals. But the stock apears to be less risky and, when comparing its historical volatility, Henry Schein is 5.71 times less risky than CASI Pharmaceuticals. The stock trades about -0.03 of its potential returns per unit of risk. The CASI Pharmaceuticals is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 187.00 in CASI Pharmaceuticals on June 8, 2025 and sell it today you would earn a total of 47.00 from holding CASI Pharmaceuticals or generate 25.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henry Schein vs. CASI Pharmaceuticals
Performance |
| Timeline |
| Henry Schein |
| CASI Pharmaceuticals |
Henry Schein and CASI Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henry Schein and CASI Pharmaceuticals
The main advantage of trading using opposite Henry Schein and CASI Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henry Schein position performs unexpectedly, CASI Pharmaceuticals 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 CASI Pharmaceuticals will offset losses from the drop in CASI Pharmaceuticals' long position.| Henry Schein vs. Humana Inc | Henry Schein vs. Cigna Corp | Henry Schein vs. Elevance Health | Henry Schein vs. Centene Corp |
| CASI Pharmaceuticals vs. Annexon | CASI Pharmaceuticals vs. Cidara Therapeutics | CASI Pharmaceuticals vs. Cellectar Biosciences | CASI Pharmaceuticals vs. Cyclerion Therapeutics |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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