Correlation Between Stevanato Group and Bio Rad
Can any of the company-specific risk be diversified away by investing in both Stevanato Group and Bio Rad 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 Stevanato Group and Bio Rad into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stevanato Group SpA and Bio Rad Laboratories, you can compare the effects of market volatilities on Stevanato Group and Bio Rad 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 Stevanato Group with a short position of Bio Rad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stevanato Group and Bio Rad.
Diversification Opportunities for Stevanato Group and Bio Rad
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stevanato and Bio is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stevanato Group SpA and Bio Rad Laboratories in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio Rad Laboratories and Stevanato Group 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 Stevanato Group SpA are associated (or correlated) with Bio Rad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Rad Laboratories has no effect on the direction of Stevanato Group i.e., Stevanato Group and Bio Rad go up and down completely randomly.
Pair Corralation between Stevanato Group and Bio Rad
Given the investment horizon of 90 days Stevanato Group is expected to generate 101.76 times less return on investment than Bio Rad. In addition to that, Stevanato Group is 1.18 times more volatile than Bio Rad Laboratories. It trades about 0.0 of its total potential returns per unit of risk. Bio Rad Laboratories is currently generating about 0.07 per unit of volatility. If you would invest 28,465 in Bio Rad Laboratories on August 18, 2025 and sell it today you would earn a total of 2,850 from holding Bio Rad Laboratories or generate 10.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stevanato Group SpA vs. Bio Rad Laboratories
Performance |
| Timeline |
| Stevanato Group SpA |
| Bio Rad Laboratories |
Stevanato Group and Bio Rad Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stevanato Group and Bio Rad
The main advantage of trading using opposite Stevanato Group and Bio Rad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stevanato Group position performs unexpectedly, Bio Rad 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 Bio Rad will offset losses from the drop in Bio Rad's long position.| Stevanato Group vs. AptarGroup | Stevanato Group vs. Merit Medical Systems | Stevanato Group vs. Teleflex Incorporated | Stevanato Group vs. Chemed Corp |
| Bio Rad vs. Globus Medical | Bio Rad vs. Align Technology | Bio Rad vs. AptarGroup | Bio Rad vs. Henry Schein |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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