Correlation Between ICU Medical and Themes Infrastructure
Can any of the company-specific risk be diversified away by investing in both ICU Medical 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 ICU Medical and Themes Infrastructure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ICU Medical and Themes Infrastructure ETF, you can compare the effects of market volatilities on ICU Medical 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 ICU Medical with a short position of Themes Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICU Medical and Themes Infrastructure.
Diversification Opportunities for ICU Medical and Themes Infrastructure
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ICU and Themes is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding ICU Medical 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 ICU Medical 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 ICU Medical 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 ICU Medical i.e., ICU Medical and Themes Infrastructure go up and down completely randomly.
Pair Corralation between ICU Medical and Themes Infrastructure
Given the investment horizon of 90 days ICU Medical is expected to under-perform the Themes Infrastructure. In addition to that, ICU Medical is 2.84 times more volatile than Themes Infrastructure ETF. It trades about -0.02 of its total potential returns per unit of risk. Themes Infrastructure ETF is currently generating about 0.17 per unit of volatility. If you would invest 2,733 in Themes Infrastructure ETF on June 7, 2025 and sell it today you would earn a total of 280.00 from holding Themes Infrastructure ETF or generate 10.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
ICU Medical vs. Themes Infrastructure ETF
Performance |
| Timeline |
| ICU Medical |
| Themes Infrastructure ETF |
ICU Medical and Themes Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICU Medical and Themes Infrastructure
The main advantage of trading using opposite ICU Medical and Themes Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICU Medical 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.| ICU Medical vs. Haemonetics | ICU Medical vs. Merit Medical Systems | ICU Medical vs. AngioDynamics | ICU Medical vs. AptarGroup |
| 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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