Correlation Between SINTX Technologies and ReShape Lifesciences
Can any of the company-specific risk be diversified away by investing in both SINTX Technologies and ReShape Lifesciences 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 SINTX Technologies and ReShape Lifesciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SINTX Technologies and ReShape Lifesciences, you can compare the effects of market volatilities on SINTX Technologies and ReShape Lifesciences 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 SINTX Technologies with a short position of ReShape Lifesciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of SINTX Technologies and ReShape Lifesciences.
Diversification Opportunities for SINTX Technologies and ReShape Lifesciences
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between SINTX and ReShape is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding SINTX Technologies and ReShape Lifesciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ReShape Lifesciences and SINTX Technologies 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 SINTX Technologies are associated (or correlated) with ReShape Lifesciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ReShape Lifesciences has no effect on the direction of SINTX Technologies i.e., SINTX Technologies and ReShape Lifesciences go up and down completely randomly.
Pair Corralation between SINTX Technologies and ReShape Lifesciences
Given the investment horizon of 90 days SINTX Technologies is expected to generate 0.29 times more return on investment than ReShape Lifesciences. However, SINTX Technologies is 3.46 times less risky than ReShape Lifesciences. It trades about 0.18 of its potential returns per unit of risk. ReShape Lifesciences is currently generating about -0.01 per unit of risk. If you would invest 276.00 in SINTX Technologies on June 3, 2025 and sell it today you would earn a total of 139.00 from holding SINTX Technologies or generate 50.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.54% |
| Values | Daily Returns |
SINTX Technologies vs. ReShape Lifesciences
Performance |
| Timeline |
| SINTX Technologies |
| ReShape Lifesciences |
Risk-Adjusted Performance
Weakest
Weak | Strong |
SINTX Technologies and ReShape Lifesciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SINTX Technologies and ReShape Lifesciences
The main advantage of trading using opposite SINTX Technologies and ReShape Lifesciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINTX Technologies position performs unexpectedly, ReShape Lifesciences 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 ReShape Lifesciences will offset losses from the drop in ReShape Lifesciences' long position.| SINTX Technologies vs. Boxlight Corp Class | SINTX Technologies vs. Cocrystal Pharma | SINTX Technologies vs. Nuwellis | SINTX Technologies vs. Tenon Medical |
| ReShape Lifesciences vs. Nuwellis | ReShape Lifesciences vs. SINTX Technologies | ReShape Lifesciences vs. NanoVibronix | ReShape Lifesciences vs. Digital Brands 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |