Correlation Between ANTA Sports and Cresud SACIF
Can any of the company-specific risk be diversified away by investing in both ANTA Sports and Cresud SACIF 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 ANTA Sports and Cresud SACIF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA Sports Products and Cresud SACIF y, you can compare the effects of market volatilities on ANTA Sports and Cresud SACIF 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 ANTA Sports with a short position of Cresud SACIF. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA Sports and Cresud SACIF.
Diversification Opportunities for ANTA Sports and Cresud SACIF
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ANTA and Cresud is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding ANTA Sports Products and Cresud SACIF y in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cresud SACIF y and ANTA Sports 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 ANTA Sports Products are associated (or correlated) with Cresud SACIF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cresud SACIF y has no effect on the direction of ANTA Sports i.e., ANTA Sports and Cresud SACIF go up and down completely randomly.
Pair Corralation between ANTA Sports and Cresud SACIF
Assuming the 90 days horizon ANTA Sports Products is expected to generate 0.68 times more return on investment than Cresud SACIF. However, ANTA Sports Products is 1.48 times less risky than Cresud SACIF. It trades about -0.07 of its potential returns per unit of risk. Cresud SACIF y is currently generating about -0.06 per unit of risk. If you would invest 25,972 in ANTA Sports Products on October 17, 2024 and sell it today you would lose (722.00) from holding ANTA Sports Products or give up 2.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
ANTA Sports Products vs. Cresud SACIF y
Performance |
| Timeline |
| ANTA Sports Products |
| Cresud SACIF y |
ANTA Sports and Cresud SACIF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA Sports and Cresud SACIF
The main advantage of trading using opposite ANTA Sports and Cresud SACIF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA Sports position performs unexpectedly, Cresud SACIF 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 Cresud SACIF will offset losses from the drop in Cresud SACIF's long position.| ANTA Sports vs. TWC Enterprises Limited | ANTA Sports vs. ANTA Sports Products | ANTA Sports vs. Brownies Marine Group | ANTA Sports vs. Golden Heaven Group |
| Cresud SACIF vs. Griffon | Cresud SACIF vs. Matthews International | Cresud SACIF vs. Valmont Industries | Cresud SACIF vs. Steel Partners Holdings |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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