Correlation Between Anteris Technologies and Glaukos Corp
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Glaukos Corp 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 Glaukos Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Glaukos Corp, you can compare the effects of market volatilities on Anteris Technologies and Glaukos Corp 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 Glaukos Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Glaukos Corp.
Diversification Opportunities for Anteris Technologies and Glaukos Corp
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anteris and Glaukos is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Glaukos Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glaukos Corp 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 Glaukos Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glaukos Corp has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Glaukos Corp go up and down completely randomly.
Pair Corralation between Anteris Technologies and Glaukos Corp
Assuming the 90 days horizon Anteris Technologies is expected to under-perform the Glaukos Corp. In addition to that, Anteris Technologies is 1.17 times more volatile than Glaukos Corp. It trades about -0.04 of its total potential returns per unit of risk. Glaukos Corp is currently generating about 0.1 per unit of volatility. If you would invest 4,551 in Glaukos Corp on September 3, 2024 and sell it today you would earn a total of 9,814 from holding Glaukos Corp or generate 215.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anteris Technologies vs. Glaukos Corp
Performance |
| Timeline |
| Anteris Technologies |
| Glaukos Corp |
Anteris Technologies and Glaukos Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Glaukos Corp
The main advantage of trading using opposite Anteris Technologies and Glaukos Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Glaukos Corp 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 Glaukos Corp will offset losses from the drop in Glaukos Corp's long position.| Anteris Technologies vs. Artivion | Anteris Technologies vs. Anika Therapeutics | Anteris Technologies vs. Sight Sciences | Anteris Technologies vs. Orthofix Medical |
| Glaukos Corp vs. Orthopediatrics Corp | Glaukos Corp vs. CONMED | Glaukos Corp vs. LivaNova PLC | Glaukos Corp vs. Paragon 28 |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Directory Find actively traded commodities issued by global exchanges |