Correlation Between Anteris Technologies and CONMED
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and CONMED 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 CONMED into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and CONMED, you can compare the effects of market volatilities on Anteris Technologies and CONMED 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 CONMED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and CONMED.
Diversification Opportunities for Anteris Technologies and CONMED
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anteris and CONMED is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and CONMED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONMED 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 CONMED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONMED has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and CONMED go up and down completely randomly.
Pair Corralation between Anteris Technologies and CONMED
Assuming the 90 days horizon Anteris Technologies is expected to under-perform the CONMED. In addition to that, Anteris Technologies is 1.24 times more volatile than CONMED. It trades about -0.04 of its total potential returns per unit of risk. CONMED is currently generating about -0.01 per unit of volatility. If you would invest 9,243 in CONMED on September 3, 2024 and sell it today you would lose (1,839) from holding CONMED or give up 19.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anteris Technologies vs. CONMED
Performance |
| Timeline |
| Anteris Technologies |
| CONMED |
Anteris Technologies and CONMED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and CONMED
The main advantage of trading using opposite Anteris Technologies and CONMED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, CONMED 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 CONMED will offset losses from the drop in CONMED's long position.| Anteris Technologies vs. Artivion | Anteris Technologies vs. Anika Therapeutics | Anteris Technologies vs. Sight Sciences | Anteris Technologies vs. Orthofix Medical |
| CONMED vs. Tandem Diabetes Care | CONMED vs. Inspire Medical Systems | CONMED vs. Penumbra | CONMED vs. Insulet |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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