Correlation Between Anteris Technologies and Integer Holdings
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Integer Holdings 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 Integer Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Integer Holdings Corp, you can compare the effects of market volatilities on Anteris Technologies and Integer Holdings 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 Integer Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Integer Holdings.
Diversification Opportunities for Anteris Technologies and Integer Holdings
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anteris and Integer is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Integer Holdings Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integer Holdings 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 Integer Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integer Holdings Corp has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Integer Holdings go up and down completely randomly.
Pair Corralation between Anteris Technologies and Integer Holdings
Assuming the 90 days horizon Anteris Technologies is expected to under-perform the Integer Holdings. In addition to that, Anteris Technologies is 3.07 times more volatile than Integer Holdings Corp. It trades about -0.07 of its total potential returns per unit of risk. Integer Holdings Corp is currently generating about 0.19 per unit of volatility. If you would invest 12,994 in Integer Holdings Corp on August 31, 2024 and sell it today you would earn a total of 1,056 from holding Integer Holdings Corp or generate 8.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Anteris Technologies vs. Integer Holdings Corp
Performance |
| Timeline |
| Anteris Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Integer Holdings Corp |
Anteris Technologies and Integer Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Integer Holdings
The main advantage of trading using opposite Anteris Technologies and Integer Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Integer Holdings 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 Integer Holdings will offset losses from the drop in Integer Holdings' long position.| Anteris Technologies vs. Bone Biologics Corp | Anteris Technologies vs. BICO Group AB | Anteris Technologies vs. Brain Scientific | Anteris Technologies vs. Aurora Spine |
| Integer Holdings vs. CONMED | Integer Holdings vs. LivaNova PLC | Integer Holdings vs. iRhythm Technologies | Integer Holdings vs. Pulmonx Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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