Correlation Between ATRYS HEALTH and Apple

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Can any of the company-specific risk be diversified away by investing in both ATRYS HEALTH and Apple 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 Apple 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 Apple Inc, you can compare the effects of market volatilities on ATRYS HEALTH and Apple 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 Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATRYS HEALTH and Apple.

Diversification Opportunities for ATRYS HEALTH and Apple

-0.36
  Correlation Coefficient

Very good diversification

The 3 months correlation between ATRYS and Apple is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding ATRYS HEALTH SA and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc 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 Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of ATRYS HEALTH i.e., ATRYS HEALTH and Apple go up and down completely randomly.

Pair Corralation between ATRYS HEALTH and Apple

Assuming the 90 days horizon ATRYS HEALTH SA is expected to under-perform the Apple. In addition to that, ATRYS HEALTH is 2.98 times more volatile than Apple Inc. It trades about -0.09 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.79 per unit of volatility. If you would invest  21,145  in Apple Inc on September 13, 2024 and sell it today you would earn a total of  2,630  from holding Apple Inc or generate 12.44% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

ATRYS HEALTH SA  vs.  Apple Inc

 Performance 
       Timeline  
ATRYS HEALTH SA 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ATRYS HEALTH SA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's basic indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.
Apple Inc 

Risk-Adjusted Performance

14 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively fragile fundamental indicators, Apple unveiled solid returns over the last few months and may actually be approaching a breakup point.

ATRYS HEALTH and Apple Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ATRYS HEALTH and Apple

The main advantage of trading using opposite ATRYS HEALTH and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATRYS HEALTH position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.
The idea behind ATRYS HEALTH SA and Apple Inc 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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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

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