Correlation Between Ainos and Anteris Technologies
Can any of the company-specific risk be diversified away by investing in both Ainos and Anteris Technologies 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 Ainos and Anteris Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ainos Inc and Anteris Technologies, you can compare the effects of market volatilities on Ainos and Anteris Technologies 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 Ainos with a short position of Anteris Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainos and Anteris Technologies.
Diversification Opportunities for Ainos and Anteris Technologies
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ainos and Anteris is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Ainos Inc and Anteris Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anteris Technologies and Ainos 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 Ainos Inc are associated (or correlated) with Anteris Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anteris Technologies has no effect on the direction of Ainos i.e., Ainos and Anteris Technologies go up and down completely randomly.
Pair Corralation between Ainos and Anteris Technologies
Given the investment horizon of 90 days Ainos Inc is expected to generate 2.41 times more return on investment than Anteris Technologies. However, Ainos is 2.41 times more volatile than Anteris Technologies. It trades about 0.0 of its potential returns per unit of risk. Anteris Technologies is currently generating about -0.05 per unit of risk. If you would invest 95.00 in Ainos Inc on August 28, 2024 and sell it today you would lose (50.00) from holding Ainos Inc or give up 52.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.52% |
| Values | Daily Returns |
Ainos Inc vs. Anteris Technologies
Performance |
| Timeline |
| Ainos Inc |
| Anteris Technologies |
Ainos and Anteris Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainos and Anteris Technologies
The main advantage of trading using opposite Ainos and Anteris Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainos position performs unexpectedly, Anteris Technologies 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 Anteris Technologies will offset losses from the drop in Anteris Technologies' long position.The idea behind Ainos Inc and Anteris Technologies 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.| Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics Corp | Anteris Technologies vs. BICO Group AB |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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