Correlation Between Sartorius Stedim and Hoya Corp
Can any of the company-specific risk be diversified away by investing in both Sartorius Stedim and Hoya Corp 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 Sartorius Stedim and Hoya Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sartorius Stedim Biotech and Hoya Corp, you can compare the effects of market volatilities on Sartorius Stedim and Hoya Corp 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 Sartorius Stedim with a short position of Hoya Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sartorius Stedim and Hoya Corp.
Diversification Opportunities for Sartorius Stedim and Hoya Corp
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sartorius and Hoya is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Sartorius Stedim Biotech and Hoya Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoya Corp and Sartorius Stedim 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 Sartorius Stedim Biotech are associated (or correlated) with Hoya Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoya Corp has no effect on the direction of Sartorius Stedim i.e., Sartorius Stedim and Hoya Corp go up and down completely randomly.
Pair Corralation between Sartorius Stedim and Hoya Corp
Assuming the 90 days horizon Sartorius Stedim Biotech is expected to under-perform the Hoya Corp. In addition to that, Sartorius Stedim is 1.09 times more volatile than Hoya Corp. It trades about -0.05 of its total potential returns per unit of risk. Hoya Corp is currently generating about 0.13 per unit of volatility. If you would invest 11,869 in Hoya Corp on June 11, 2025 and sell it today you would earn a total of 2,272 from holding Hoya Corp or generate 19.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sartorius Stedim Biotech vs. Hoya Corp
Performance |
| Timeline |
| Sartorius Stedim Biotech |
| Hoya Corp |
Sartorius Stedim and Hoya Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sartorius Stedim and Hoya Corp
The main advantage of trading using opposite Sartorius Stedim and Hoya Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sartorius Stedim position performs unexpectedly, Hoya Corp 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 Hoya Corp will offset losses from the drop in Hoya Corp's long position.| Sartorius Stedim vs. Coloplast AS | Sartorius Stedim vs. Carl Zeiss Meditec | Sartorius Stedim vs. HOYA Corporation | Sartorius Stedim vs. Lonza Group |
| Hoya Corp vs. Sysmex Corp | Hoya Corp vs. Straumann Holding AG | Hoya Corp vs. Coloplast AS | Hoya Corp vs. Essilor International SA |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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