Correlation Between Quipt Home and MacroGenics
Can any of the company-specific risk be diversified away by investing in both Quipt Home and MacroGenics 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 Quipt Home and MacroGenics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quipt Home Medical and MacroGenics, you can compare the effects of market volatilities on Quipt Home and MacroGenics 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 Quipt Home with a short position of MacroGenics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quipt Home and MacroGenics.
Diversification Opportunities for Quipt Home and MacroGenics
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Quipt and MacroGenics is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Quipt Home Medical and MacroGenics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MacroGenics and Quipt Home 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 Quipt Home Medical are associated (or correlated) with MacroGenics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MacroGenics has no effect on the direction of Quipt Home i.e., Quipt Home and MacroGenics go up and down completely randomly.
Pair Corralation between Quipt Home and MacroGenics
Given the investment horizon of 90 days Quipt Home Medical is expected to under-perform the MacroGenics. But the stock apears to be less risky and, when comparing its historical volatility, Quipt Home Medical is 1.8 times less risky than MacroGenics. The stock trades about -0.06 of its potential returns per unit of risk. The MacroGenics is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 172.00 in MacroGenics on August 27, 2025 and sell it today you would lose (27.00) from holding MacroGenics or give up 15.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 93.75% |
| Values | Daily Returns |
Quipt Home Medical vs. MacroGenics
Performance |
| Timeline |
| Quipt Home Medical |
| MacroGenics |
Quipt Home and MacroGenics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quipt Home and MacroGenics
The main advantage of trading using opposite Quipt Home and MacroGenics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quipt Home position performs unexpectedly, MacroGenics 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 MacroGenics will offset losses from the drop in MacroGenics' long position.| Quipt Home vs. City Office REIT | Quipt Home vs. Central Wireless | Quipt Home vs. Triumph Apparel | Quipt Home vs. Erf Wireless |
| MacroGenics vs. Orthometrix | MacroGenics vs. Sunny Optical Technology | MacroGenics vs. Treasury Wine Estates | MacroGenics vs. Piedmont Office Realty |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |