Correlation Between ANTA SPORTS and Blackstone
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and Blackstone 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 Blackstone 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 Blackstone Group, you can compare the effects of market volatilities on ANTA SPORTS and Blackstone 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 Blackstone. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and Blackstone.
Diversification Opportunities for ANTA SPORTS and Blackstone
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ANTA and Blackstone is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and Blackstone Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Group 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 Blackstone. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Group has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and Blackstone go up and down completely randomly.
Pair Corralation between ANTA SPORTS and Blackstone
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to under-perform the Blackstone. But the stock apears to be less risky and, when comparing its historical volatility, ANTA SPORTS PRODUCT is 1.25 times less risky than Blackstone. The stock trades about -0.09 of its potential returns per unit of risk. The Blackstone Group is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 16,260 in Blackstone Group on October 21, 2024 and sell it today you would earn a total of 1,146 from holding Blackstone Group or generate 7.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. Blackstone Group
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| Blackstone Group |
ANTA SPORTS and Blackstone Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and Blackstone
The main advantage of trading using opposite ANTA SPORTS and Blackstone positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, Blackstone 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 Blackstone will offset losses from the drop in Blackstone's long position.| ANTA SPORTS vs. Summit Materials | ANTA SPORTS vs. PRECISION DRILLING P | ANTA SPORTS vs. SOLSTAD OFFSHORE NK | ANTA SPORTS vs. Applied Materials |
| Blackstone vs. The Bank of | Blackstone vs. Ameriprise Financial | Blackstone vs. State Street | Blackstone vs. EQT AB |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |