Correlation Between ANTA SPORTS and WFD Unibail
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and WFD Unibail 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 WFD Unibail 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 WFD Unibail Rodamco, you can compare the effects of market volatilities on ANTA SPORTS and WFD Unibail 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 WFD Unibail. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and WFD Unibail.
Diversification Opportunities for ANTA SPORTS and WFD Unibail
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between ANTA and WFD is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and WFD Unibail Rodamco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WFD Unibail Rodamco 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 WFD Unibail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WFD Unibail Rodamco has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and WFD Unibail go up and down completely randomly.
Pair Corralation between ANTA SPORTS and WFD Unibail
Assuming the 90 days trading horizon ANTA SPORTS is expected to generate 1.24 times less return on investment than WFD Unibail. In addition to that, ANTA SPORTS is 1.48 times more volatile than WFD Unibail Rodamco. It trades about 0.03 of its total potential returns per unit of risk. WFD Unibail Rodamco is currently generating about 0.05 per unit of volatility. If you would invest 5,187 in WFD Unibail Rodamco on September 3, 2024 and sell it today you would earn a total of 2,551 from holding WFD Unibail Rodamco or generate 49.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. WFD Unibail Rodamco
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| WFD Unibail Rodamco |
ANTA SPORTS and WFD Unibail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and WFD Unibail
The main advantage of trading using opposite ANTA SPORTS and WFD Unibail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, WFD Unibail 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 WFD Unibail will offset losses from the drop in WFD Unibail's long position.| ANTA SPORTS vs. PRECISION DRILLING P | ANTA SPORTS vs. JD SPORTS FASH | ANTA SPORTS vs. Columbia Sportswear | ANTA SPORTS vs. The Hanover Insurance |
| WFD Unibail vs. Scientific Games | WFD Unibail vs. Charter Communications | WFD Unibail vs. HOCHSCHILD MINING | WFD Unibail vs. PENN NATL GAMING |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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