Correlation Between Juniper Networks and Repligen

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Can any of the company-specific risk be diversified away by investing in both Juniper Networks and Repligen 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 Juniper Networks and Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Juniper Networks and Repligen, you can compare the effects of market volatilities on Juniper Networks and Repligen 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 Juniper Networks with a short position of Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Networks and Repligen.

Diversification Opportunities for Juniper Networks and Repligen

-0.42
  Correlation Coefficient

Very good diversification

The 3 months correlation between Juniper and Repligen is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Networks and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen and Juniper Networks 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 Juniper Networks are associated (or correlated) with Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Juniper Networks i.e., Juniper Networks and Repligen go up and down completely randomly.

Pair Corralation between Juniper Networks and Repligen

Given the investment horizon of 90 days Juniper Networks is expected to generate 1.03 times less return on investment than Repligen. But when comparing it to its historical volatility, Juniper Networks is 2.02 times less risky than Repligen. It trades about 0.22 of its potential returns per unit of risk. Repligen is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  17,205  in Repligen on September 6, 2022 and sell it today you would earn a total of  1,400  from holding Repligen or generate 8.14% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy95.24%
ValuesDaily Returns

Juniper Networks  vs.  Repligen

 Performance (%) 
       Timeline  
Juniper Networks 
Juniper Performance
10 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Juniper Networks are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. Even with relatively conflicting basic indicators, Juniper Networks reported solid returns over the last few months and may actually be approaching a breakup point.

Juniper Price Channel

Repligen 
Repligen Performance
0 of 100
Over the last 90 days Repligen has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's technical and fundamental indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.

Repligen Price Channel

Juniper Networks and Repligen Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Juniper Networks and Repligen

The main advantage of trading using opposite Juniper Networks and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Networks position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.
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The idea behind Juniper Networks and Repligen pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 ETF Directory module to find actively traded Exchange Traded Funds (ETF) from around the world.

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