Correlation Between Integra LifeSciences and Themes Infrastructure
Can any of the company-specific risk be diversified away by investing in both Integra LifeSciences and Themes Infrastructure 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 Integra LifeSciences and Themes Infrastructure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integra LifeSciences Holdings and Themes Infrastructure ETF, you can compare the effects of market volatilities on Integra LifeSciences and Themes Infrastructure 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 Integra LifeSciences with a short position of Themes Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra LifeSciences and Themes Infrastructure.
Diversification Opportunities for Integra LifeSciences and Themes Infrastructure
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Integra and Themes is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Integra LifeSciences Holdings and Themes Infrastructure ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Themes Infrastructure ETF and Integra LifeSciences 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 Integra LifeSciences Holdings are associated (or correlated) with Themes Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Themes Infrastructure ETF has no effect on the direction of Integra LifeSciences i.e., Integra LifeSciences and Themes Infrastructure go up and down completely randomly.
Pair Corralation between Integra LifeSciences and Themes Infrastructure
Given the investment horizon of 90 days Integra LifeSciences Holdings is expected to generate 3.8 times more return on investment than Themes Infrastructure. However, Integra LifeSciences is 3.8 times more volatile than Themes Infrastructure ETF. It trades about 0.07 of its potential returns per unit of risk. Themes Infrastructure ETF is currently generating about 0.17 per unit of risk. If you would invest 1,388 in Integra LifeSciences Holdings on June 7, 2025 and sell it today you would earn a total of 177.00 from holding Integra LifeSciences Holdings or generate 12.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integra LifeSciences Holdings vs. Themes Infrastructure ETF
Performance |
| Timeline |
| Integra LifeSciences |
| Themes Infrastructure ETF |
Integra LifeSciences and Themes Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra LifeSciences and Themes Infrastructure
The main advantage of trading using opposite Integra LifeSciences and Themes Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra LifeSciences position performs unexpectedly, Themes Infrastructure 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 Themes Infrastructure will offset losses from the drop in Themes Infrastructure's long position.| Integra LifeSciences vs. CONMED | Integra LifeSciences vs. Orthofix Medical | Integra LifeSciences vs. Integer Holdings Corp | Integra LifeSciences vs. Bruker |
| Themes Infrastructure vs. Heartland Express | Themes Infrastructure vs. Integra LifeSciences Holdings | Themes Infrastructure vs. ICU Medical | Themes Infrastructure vs. Safety Insurance Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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