Correlation Between ANTA SPORTS and Siemens Energy
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and Siemens Energy 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 Siemens Energy 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 Siemens Energy AG, you can compare the effects of market volatilities on ANTA SPORTS and Siemens Energy 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 Siemens Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and Siemens Energy.
Diversification Opportunities for ANTA SPORTS and Siemens Energy
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANTA and Siemens is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and Siemens Energy AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siemens Energy AG 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 Siemens Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siemens Energy AG has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and Siemens Energy go up and down completely randomly.
Pair Corralation between ANTA SPORTS and Siemens Energy
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 0.33 times more return on investment than Siemens Energy. However, ANTA SPORTS PRODUCT is 3.05 times less risky than Siemens Energy. It trades about 0.23 of its potential returns per unit of risk. Siemens Energy AG is currently generating about 0.03 per unit of risk. If you would invest 933.00 in ANTA SPORTS PRODUCT on November 7, 2024 and sell it today you would earn a total of 87.00 from holding ANTA SPORTS PRODUCT or generate 9.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. Siemens Energy AG
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| Siemens Energy AG |
ANTA SPORTS and Siemens Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and Siemens Energy
The main advantage of trading using opposite ANTA SPORTS and Siemens Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, Siemens Energy 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 Siemens Energy will offset losses from the drop in Siemens Energy's long position.| ANTA SPORTS vs. ECHO INVESTMENT ZY | ANTA SPORTS vs. FARM 51 GROUP | ANTA SPORTS vs. CHRYSALIS INVESTMENTS LTD | ANTA SPORTS vs. Apollo Investment Corp |
| Siemens Energy vs. Television Broadcasts Limited | Siemens Energy vs. Clean Energy Fuels | Siemens Energy vs. Warner Music Group | Siemens Energy vs. Broadridge Financial Solutions |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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