Correlation Between ATRYS HEALTH and Santacruz Silver
Can any of the company-specific risk be diversified away by investing in both ATRYS HEALTH and Santacruz Silver 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 ATRYS HEALTH and Santacruz Silver into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ATRYS HEALTH SA and Santacruz Silver Mining, you can compare the effects of market volatilities on ATRYS HEALTH and Santacruz Silver 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 ATRYS HEALTH with a short position of Santacruz Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATRYS HEALTH and Santacruz Silver.
Diversification Opportunities for ATRYS HEALTH and Santacruz Silver
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ATRYS and Santacruz is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding ATRYS HEALTH SA and Santacruz Silver Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Santacruz Silver Mining and ATRYS HEALTH 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 ATRYS HEALTH SA are associated (or correlated) with Santacruz Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Santacruz Silver Mining has no effect on the direction of ATRYS HEALTH i.e., ATRYS HEALTH and Santacruz Silver go up and down completely randomly.
Pair Corralation between ATRYS HEALTH and Santacruz Silver
Assuming the 90 days horizon ATRYS HEALTH SA is expected to generate 0.41 times more return on investment than Santacruz Silver. However, ATRYS HEALTH SA is 2.42 times less risky than Santacruz Silver. It trades about 0.12 of its potential returns per unit of risk. Santacruz Silver Mining is currently generating about 0.01 per unit of risk. If you would invest 300.00 in ATRYS HEALTH SA on September 25, 2024 and sell it today you would earn a total of 23.00 from holding ATRYS HEALTH SA or generate 7.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
ATRYS HEALTH SA vs. Santacruz Silver Mining
Performance |
| Timeline |
| ATRYS HEALTH SA |
| Santacruz Silver Mining |
ATRYS HEALTH and Santacruz Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATRYS HEALTH and Santacruz Silver
The main advantage of trading using opposite ATRYS HEALTH and Santacruz Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATRYS HEALTH position performs unexpectedly, Santacruz Silver 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 Santacruz Silver will offset losses from the drop in Santacruz Silver's long position.| ATRYS HEALTH vs. Novo Nordisk AS | ATRYS HEALTH vs. Mercedes Benz Group AG | ATRYS HEALTH vs. Vertex Pharmaceuticals Incorporated | ATRYS HEALTH vs. Moderna |
| Santacruz Silver vs. Pan American Silver | Santacruz Silver vs. First Majestic Silver | Santacruz Silver vs. MAG Silver Corp | Santacruz Silver vs. Silvercorp Metals |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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