Correlation Between ANTA SPORTS and NIGHTINGALE HEALTH
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH EO, you can compare the effects of market volatilities on ANTA SPORTS and NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and NIGHTINGALE HEALTH.
Diversification Opportunities for ANTA SPORTS and NIGHTINGALE HEALTH
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANTA and NIGHTINGALE is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and NIGHTINGALE HEALTH EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIGHTINGALE HEALTH has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and NIGHTINGALE HEALTH go up and down completely randomly.
Pair Corralation between ANTA SPORTS and NIGHTINGALE HEALTH
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 0.88 times more return on investment than NIGHTINGALE HEALTH. However, ANTA SPORTS PRODUCT is 1.13 times less risky than NIGHTINGALE HEALTH. It trades about -0.06 of its potential returns per unit of risk. NIGHTINGALE HEALTH EO is currently generating about -0.1 per unit of risk. If you would invest 1,049 in ANTA SPORTS PRODUCT on September 12, 2024 and sell it today you would lose (49.00) from holding ANTA SPORTS PRODUCT or give up 4.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. NIGHTINGALE HEALTH EO
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| NIGHTINGALE HEALTH |
ANTA SPORTS and NIGHTINGALE HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and NIGHTINGALE HEALTH
The main advantage of trading using opposite ANTA SPORTS and NIGHTINGALE HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH will offset losses from the drop in NIGHTINGALE HEALTH's long position.| ANTA SPORTS vs. Entravision Communications | ANTA SPORTS vs. Postal Savings Bank | ANTA SPORTS vs. HEMISPHERE EGY | ANTA SPORTS vs. Computershare Limited |
| NIGHTINGALE HEALTH vs. Evolent Health | NIGHTINGALE HEALTH vs. CompuGroup Medical SE | NIGHTINGALE HEALTH vs. Compugroup Medical SE | NIGHTINGALE HEALTH vs. Superior Plus Corp |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |