Correlation Between ANTA SPORTS and PT Global
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and PT Global 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 PT Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA SPORTS PRODUCT and PT Global Mediacom, you can compare the effects of market volatilities on ANTA SPORTS and PT Global 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 PT Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and PT Global.
Diversification Opportunities for ANTA SPORTS and PT Global
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ANTA and 06L is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and PT Global Mediacom in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PT Global Mediacom 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 PRODUCT are associated (or correlated) with PT Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PT Global Mediacom has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and PT Global go up and down completely randomly.
Pair Corralation between ANTA SPORTS and PT Global
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to under-perform the PT Global. In addition to that, ANTA SPORTS is 1.58 times more volatile than PT Global Mediacom. It trades about -0.14 of its total potential returns per unit of risk. PT Global Mediacom is currently generating about -0.21 per unit of volatility. If you would invest 0.80 in PT Global Mediacom on August 26, 2024 and sell it today you would lose (0.05) from holding PT Global Mediacom or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. PT Global Mediacom
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| PT Global Mediacom |
ANTA SPORTS and PT Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and PT Global
The main advantage of trading using opposite ANTA SPORTS and PT Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, PT Global 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 PT Global will offset losses from the drop in PT Global's long position.| ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc |
| PT Global vs. The Walt Disney | PT Global vs. Superior Plus Corp | PT Global vs. NMI Holdings | PT Global vs. Origin Agritech |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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