Correlation Between ANTA Sports and WALGREENS
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By analyzing existing cross correlation between ANTA Sports Products and WALGREENS BOOTS ALLIANCE, you can compare the effects of market volatilities on ANTA Sports and WALGREENS 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 WALGREENS. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA Sports and WALGREENS.
Diversification Opportunities for ANTA Sports and WALGREENS
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ANTA and WALGREENS is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding ANTA Sports Products and WALGREENS BOOTS ALLIANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WALGREENS BOOTS ALLIANCE 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 WALGREENS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WALGREENS BOOTS ALLIANCE has no effect on the direction of ANTA Sports i.e., ANTA Sports and WALGREENS go up and down completely randomly.
Pair Corralation between ANTA Sports and WALGREENS
Assuming the 90 days horizon ANTA Sports Products is expected to generate 1.56 times more return on investment than WALGREENS. However, ANTA Sports is 1.56 times more volatile than WALGREENS BOOTS ALLIANCE. It trades about 0.01 of its potential returns per unit of risk. WALGREENS BOOTS ALLIANCE is currently generating about 0.0 per unit of risk. If you would invest 33,884 in ANTA Sports Products on December 12, 2024 and sell it today you would lose (2,514) from holding ANTA Sports Products or give up 7.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.36% |
| Values | Daily Returns |
ANTA Sports Products vs. WALGREENS BOOTS ALLIANCE
Performance |
| Timeline |
| ANTA Sports Products |
| WALGREENS BOOTS ALLIANCE |
ANTA Sports and WALGREENS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA Sports and WALGREENS
The main advantage of trading using opposite ANTA Sports and WALGREENS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA Sports position performs unexpectedly, WALGREENS 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 WALGREENS will offset losses from the drop in WALGREENS's long position.| ANTA Sports vs. TWC Enterprises Limited | ||
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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