Correlation Between Henry Schein and Abengoa SA
Can any of the company-specific risk be diversified away by investing in both Henry Schein and Abengoa SA 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 Henry Schein and Abengoa SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Henry Schein and Abengoa SA, you can compare the effects of market volatilities on Henry Schein and Abengoa SA 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 Henry Schein with a short position of Abengoa SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henry Schein and Abengoa SA.
Diversification Opportunities for Henry Schein and Abengoa SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Henry and Abengoa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Henry Schein and Abengoa SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abengoa SA and Henry Schein 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 Henry Schein are associated (or correlated) with Abengoa SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Abengoa SA has no effect on the direction of Henry Schein i.e., Henry Schein and Abengoa SA go up and down completely randomly.
Pair Corralation between Henry Schein and Abengoa SA
If you would invest 7,288 in Henry Schein on January 26, 2024 and sell it today you would lose (6.00) from holding Henry Schein or give up 0.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Henry Schein vs. Abengoa SA
Performance |
| Timeline |
| Henry Schein |
| Abengoa SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Henry Schein and Abengoa SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henry Schein and Abengoa SA
The main advantage of trading using opposite Henry Schein and Abengoa SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henry Schein position performs unexpectedly, Abengoa SA 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 Abengoa SA will offset losses from the drop in Abengoa SA's long position.| Henry Schein vs. Owens Minor | Henry Schein vs. Cardinal Health | Henry Schein vs. Zynex Inc | Henry Schein vs. Patterson Companies |
| Abengoa SA vs. Arbor Metals Corp | Abengoa SA vs. SFL Corporation | Abengoa SA vs. Joby Aviation | Abengoa SA vs. NeogamesSA |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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