Correlation Between ANTA SPORTS and FOX P
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and FOX P 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 FOX P 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 FOX P B, you can compare the effects of market volatilities on ANTA SPORTS and FOX P 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 FOX P. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and FOX P.
Diversification Opportunities for ANTA SPORTS and FOX P
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between ANTA and FOX is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and FOX P B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOX P B 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 FOX P. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOX P B has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and FOX P go up and down completely randomly.
Pair Corralation between ANTA SPORTS and FOX P
Assuming the 90 days trading horizon ANTA SPORTS is expected to generate 22.58 times less return on investment than FOX P. In addition to that, ANTA SPORTS is 1.4 times more volatile than FOX P B. It trades about 0.0 of its total potential returns per unit of risk. FOX P B is currently generating about 0.11 per unit of volatility. If you would invest 3,920 in FOX P B on September 13, 2024 and sell it today you would earn a total of 180.00 from holding FOX P B or generate 4.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. FOX P B
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| FOX P B |
ANTA SPORTS and FOX P Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and FOX P
The main advantage of trading using opposite ANTA SPORTS and FOX P positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, FOX P 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 FOX P will offset losses from the drop in FOX P's long position.| ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc | ANTA SPORTS vs. Apple Inc |
| FOX P vs. Universal Insurance Holdings | FOX P vs. HANOVER INSURANCE | FOX P vs. DICKS Sporting Goods | FOX P vs. LIFENET INSURANCE CO |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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