Correlation Between Anteris Technologies and Bluejay Diagnostics
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Bluejay Diagnostics 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 Anteris Technologies and Bluejay Diagnostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Bluejay Diagnostics, you can compare the effects of market volatilities on Anteris Technologies and Bluejay Diagnostics 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 Anteris Technologies with a short position of Bluejay Diagnostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Bluejay Diagnostics.
Diversification Opportunities for Anteris Technologies and Bluejay Diagnostics
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anteris and Bluejay is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Bluejay Diagnostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bluejay Diagnostics and Anteris Technologies 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 Anteris Technologies are associated (or correlated) with Bluejay Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bluejay Diagnostics has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Bluejay Diagnostics go up and down completely randomly.
Pair Corralation between Anteris Technologies and Bluejay Diagnostics
Assuming the 90 days horizon Anteris Technologies is expected to generate 0.4 times more return on investment than Bluejay Diagnostics. However, Anteris Technologies is 2.51 times less risky than Bluejay Diagnostics. It trades about -0.08 of its potential returns per unit of risk. Bluejay Diagnostics is currently generating about -0.06 per unit of risk. If you would invest 945.00 in Anteris Technologies on August 28, 2024 and sell it today you would lose (295.00) from holding Anteris Technologies or give up 31.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anteris Technologies vs. Bluejay Diagnostics
Performance |
| Timeline |
| Anteris Technologies |
| Bluejay Diagnostics |
Anteris Technologies and Bluejay Diagnostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Bluejay Diagnostics
The main advantage of trading using opposite Anteris Technologies and Bluejay Diagnostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Bluejay Diagnostics 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 Bluejay Diagnostics will offset losses from the drop in Bluejay Diagnostics' long position.| Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics Corp | Anteris Technologies vs. BICO Group AB |
| Bluejay Diagnostics vs. Bone Biologics Corp | Bluejay Diagnostics vs. Nuwellis | Bluejay Diagnostics vs. Heart Test Laboratories | Bluejay Diagnostics vs. Tivic Health Systems |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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