Correlation Between Anteris Technologies and SurModics
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and SurModics 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 SurModics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and SurModics, you can compare the effects of market volatilities on Anteris Technologies and SurModics 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 SurModics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and SurModics.
Diversification Opportunities for Anteris Technologies and SurModics
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anteris and SurModics is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and SurModics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SurModics 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 SurModics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SurModics has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and SurModics go up and down completely randomly.
Pair Corralation between Anteris Technologies and SurModics
Assuming the 90 days horizon Anteris Technologies is expected to generate 0.38 times more return on investment than SurModics. However, Anteris Technologies is 2.6 times less risky than SurModics. It trades about -0.41 of its potential returns per unit of risk. SurModics is currently generating about -0.21 per unit of risk. If you would invest 580.00 in Anteris Technologies on October 20, 2024 and sell it today you would lose (10.00) from holding Anteris Technologies or give up 1.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 30.0% |
| Values | Daily Returns |
Anteris Technologies vs. SurModics
Performance |
| Timeline |
| Anteris Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| SurModics |
Anteris Technologies and SurModics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and SurModics
The main advantage of trading using opposite Anteris Technologies and SurModics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, SurModics 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 SurModics will offset losses from the drop in SurModics' long position.| Anteris Technologies vs. Ainos Inc | Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics Corp |
| SurModics vs. LivaNova PLC | SurModics vs. Electromed | SurModics vs. Orthopediatrics Corp | SurModics vs. Neuropace |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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