Correlation Between Anteris Technologies and LENSAR
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and LENSAR 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 LENSAR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and LENSAR Inc, you can compare the effects of market volatilities on Anteris Technologies and LENSAR 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 LENSAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and LENSAR.
Diversification Opportunities for Anteris Technologies and LENSAR
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anteris and LENSAR is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and LENSAR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LENSAR Inc 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 LENSAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LENSAR Inc has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and LENSAR go up and down completely randomly.
Pair Corralation between Anteris Technologies and LENSAR
Assuming the 90 days horizon Anteris Technologies is expected to under-perform the LENSAR. In addition to that, Anteris Technologies is 1.39 times more volatile than LENSAR Inc. It trades about -0.05 of its total potential returns per unit of risk. LENSAR Inc is currently generating about 0.2 per unit of volatility. If you would invest 463.00 in LENSAR Inc on November 2, 2024 and sell it today you would earn a total of 620.00 from holding LENSAR Inc or generate 133.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 79.61% |
| Values | Daily Returns |
Anteris Technologies vs. LENSAR Inc
Performance |
| Timeline |
| Anteris Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| LENSAR Inc |
Anteris Technologies and LENSAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and LENSAR
The main advantage of trading using opposite Anteris Technologies and LENSAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, LENSAR 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 LENSAR will offset losses from the drop in LENSAR's long position.| Anteris Technologies vs. Ainos Inc | Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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