Correlation Between Antelope Enterprise and VINCI SA

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Antelope Enterprise and VINCI 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 Antelope Enterprise and VINCI SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antelope Enterprise Holdings and VINCI SA, you can compare the effects of market volatilities on Antelope Enterprise and VINCI 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 Antelope Enterprise with a short position of VINCI SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antelope Enterprise and VINCI SA.

Diversification Opportunities for Antelope Enterprise and VINCI SA

0.28
  Correlation Coefficient

Modest diversification

The 3 months correlation between Antelope and VINCI is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Antelope Enterprise Holdings and VINCI SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VINCI SA and Antelope Enterprise 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 Antelope Enterprise Holdings are associated (or correlated) with VINCI SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VINCI SA has no effect on the direction of Antelope Enterprise i.e., Antelope Enterprise and VINCI SA go up and down completely randomly.

Pair Corralation between Antelope Enterprise and VINCI SA

Given the investment horizon of 90 days Antelope Enterprise Holdings is expected to under-perform the VINCI SA. In addition to that, Antelope Enterprise is 3.64 times more volatile than VINCI SA. It trades about -0.15 of its total potential returns per unit of risk. VINCI SA is currently generating about -0.25 per unit of volatility. If you would invest  10,897  in VINCI SA on September 9, 2024 and sell it today you would lose (794.00) from holding VINCI SA or give up 7.29% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Antelope Enterprise Holdings  vs.  VINCI SA

 Performance 
       Timeline  
Antelope Enterprise 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Antelope Enterprise Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite abnormal performance in the last few months, the Stock's technical indicators remain quite persistent which may send shares a bit higher in January 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.
VINCI SA 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days VINCI SA 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 basic indicators remain nearly stable which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Antelope Enterprise and VINCI SA Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Antelope Enterprise and VINCI SA

The main advantage of trading using opposite Antelope Enterprise and VINCI SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antelope Enterprise position performs unexpectedly, VINCI 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 VINCI SA will offset losses from the drop in VINCI SA's long position.
The idea behind Antelope Enterprise Holdings and VINCI SA 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.
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.

Other Complementary Tools

Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Price Transformation
Use Price Transformation models to analyze the depth of different equity instruments across global markets
Analyst Advice
Analyst recommendations and target price estimates broken down by several categories
Price Ceiling Movement
Calculate and plot Price Ceiling Movement for different equity instruments