Correlation Between Joint Stock and Entegris
Can any of the company-specific risk be diversified away by investing in both Joint Stock and Entegris 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 Joint Stock and Entegris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Joint Stock and Entegris, you can compare the effects of market volatilities on Joint Stock and Entegris 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 Joint Stock with a short position of Entegris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Joint Stock and Entegris.
Diversification Opportunities for Joint Stock and Entegris
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Joint and Entegris is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Joint Stock and Entegris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entegris and Joint Stock 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 Joint Stock are associated (or correlated) with Entegris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entegris has no effect on the direction of Joint Stock i.e., Joint Stock and Entegris go up and down completely randomly.
Pair Corralation between Joint Stock and Entegris
Given the investment horizon of 90 days Joint Stock is expected to under-perform the Entegris. But the stock apears to be less risky and, when comparing its historical volatility, Joint Stock is 2.14 times less risky than Entegris. The stock trades about -0.27 of its potential returns per unit of risk. The Entegris is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 7,195 in Entegris on August 10, 2025 and sell it today you would earn a total of 1,472 from holding Entegris or generate 20.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Joint Stock vs. Entegris
Performance |
| Timeline |
| Joint Stock |
| Entegris |
Joint Stock and Entegris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Joint Stock and Entegris
The main advantage of trading using opposite Joint Stock and Entegris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Joint Stock position performs unexpectedly, Entegris 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 Entegris will offset losses from the drop in Entegris' long position.| Joint Stock vs. Klarna Group plc | Joint Stock vs. Okta Inc | Joint Stock vs. SailPoint, Common Stock | Joint Stock vs. Rubrik, |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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