Correlation Between Intuitive Surgical and Repligen
Can any of the company-specific risk be diversified away by investing in both Intuitive Surgical and Repligen 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 Intuitive Surgical and Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intuitive Surgical and Repligen, you can compare the effects of market volatilities on Intuitive Surgical and Repligen 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 Intuitive Surgical with a short position of Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuitive Surgical and Repligen.
Diversification Opportunities for Intuitive Surgical and Repligen
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Intuitive and Repligen is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Intuitive Surgical and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen and Intuitive Surgical 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 Intuitive Surgical are associated (or correlated) with Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Intuitive Surgical i.e., Intuitive Surgical and Repligen go up and down completely randomly.
Pair Corralation between Intuitive Surgical and Repligen
Given the investment horizon of 90 days Intuitive Surgical is expected to generate 0.71 times more return on investment than Repligen. However, Intuitive Surgical is 1.41 times less risky than Repligen. It trades about 0.07 of its potential returns per unit of risk. Repligen is currently generating about -0.01 per unit of risk. If you would invest 47,678 in Intuitive Surgical on March 13, 2025 and sell it today you would earn a total of 4,563 from holding Intuitive Surgical or generate 9.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intuitive Surgical vs. Repligen
Performance |
| Timeline |
| Intuitive Surgical |
| Repligen |
Intuitive Surgical and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuitive Surgical and Repligen
The main advantage of trading using opposite Intuitive Surgical and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuitive Surgical position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.| Intuitive Surgical vs. Repligen | Intuitive Surgical vs. ResMed Inc | Intuitive Surgical vs. Merit Medical Systems | Intuitive Surgical vs. ICU Medical |
| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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