Correlation Between ANTA SPORTS and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and GRIFFIN MINING 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 GRIFFIN MINING 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 GRIFFIN MINING LTD, you can compare the effects of market volatilities on ANTA SPORTS and GRIFFIN MINING 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 GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and GRIFFIN MINING.
Diversification Opportunities for ANTA SPORTS and GRIFFIN MINING
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANTA and GRIFFIN is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and GRIFFIN MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIFFIN MINING LTD 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 GRIFFIN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIFFIN MINING LTD has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between ANTA SPORTS and GRIFFIN MINING
Assuming the 90 days trading horizon ANTA SPORTS is expected to generate 1.56 times less return on investment than GRIFFIN MINING. In addition to that, ANTA SPORTS is 1.06 times more volatile than GRIFFIN MINING LTD. It trades about 0.02 of its total potential returns per unit of risk. GRIFFIN MINING LTD is currently generating about 0.03 per unit of volatility. If you would invest 167.00 in GRIFFIN MINING LTD on November 6, 2024 and sell it today you would earn a total of 5.00 from holding GRIFFIN MINING LTD or generate 2.99% 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. GRIFFIN MINING LTD
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| GRIFFIN MINING LTD |
ANTA SPORTS and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and GRIFFIN MINING
The main advantage of trading using opposite ANTA SPORTS and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, GRIFFIN MINING 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 GRIFFIN MINING will offset losses from the drop in GRIFFIN MINING's long position.| ANTA SPORTS vs. SCANSOURCE | ANTA SPORTS vs. LIFENET INSURANCE CO | ANTA SPORTS vs. Tower One Wireless | ANTA SPORTS vs. MAVEN WIRELESS SWEDEN |
| GRIFFIN MINING vs. INFORMATION SVC GRP | GRIFFIN MINING vs. Linedata Services SA | GRIFFIN MINING vs. DATATEC LTD 2 | GRIFFIN MINING vs. Cars Inc |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |