Correlation Between Repligen and Clearwater Paper

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

Diversification Opportunities for Repligen and Clearwater Paper

  Correlation Coefficient

Very weak diversification

The 3 months correlation between Repligen and Clearwater is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Repligen Cp and Clearwater Paper Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clearwater Paper Corp and Repligen 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 Repligen Cp are associated (or correlated) with Clearwater Paper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clearwater Paper Corp has no effect on the direction of Repligen i.e., Repligen and Clearwater Paper go up and down completely randomly.

Pair Corralation between Repligen and Clearwater Paper

Given the investment horizon of 90 days Repligen is expected to generate 2.35 times less return on investment than Clearwater Paper. In addition to that, Repligen is 1.28 times more volatile than Clearwater Paper Corp. It trades about 0.02 of its total potential returns per unit of risk. Clearwater Paper Corp is currently generating about 0.05 per unit of volatility. If you would invest  3,424  in Clearwater Paper Corp on August 31, 2022 and sell it today you would earn a total of  427.00  from holding Clearwater Paper Corp or generate 12.47% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Repligen Cp  vs.  Clearwater Paper Corp

 Performance (%) 
Repligen Cp 
Repligen Performance
0 of 100
Over the last 90 days Repligen Cp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unsteady performance in the last few months, the Stock's technical and fundamental indicators remain quite persistent which may send shares a bit higher in December 2022. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Repligen Price Channel

Clearwater Paper Corp 
Clearwater Performance
0 of 100
Over the last 90 days Clearwater Paper Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Stock's essential indicators remain stable and the latest fuss on Wall Street may also be a sign of long-term gains for the venture sophisticated investors.

Clearwater Price Channel

Repligen and Clearwater Paper Volatility Contrast

   Predicted Return Density   

Pair Trading with Repligen and Clearwater Paper

The main advantage of trading using opposite Repligen and Clearwater Paper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Repligen position performs unexpectedly, Clearwater Paper 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 Clearwater Paper will offset losses from the drop in Clearwater Paper's long position.
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The idea behind Repligen Cp and Clearwater Paper Corp 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.

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