Correlation Between ANTA SPORTS and Grand Canyon
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and Grand Canyon 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 Grand Canyon 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 Grand Canyon Education, you can compare the effects of market volatilities on ANTA SPORTS and Grand Canyon 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 Grand Canyon. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and Grand Canyon.
Diversification Opportunities for ANTA SPORTS and Grand Canyon
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANTA and Grand is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and Grand Canyon Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grand Canyon Education 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 Grand Canyon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grand Canyon Education has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and Grand Canyon go up and down completely randomly.
Pair Corralation between ANTA SPORTS and Grand Canyon
Assuming the 90 days trading horizon ANTA SPORTS is expected to generate 1.48 times less return on investment than Grand Canyon. In addition to that, ANTA SPORTS is 1.71 times more volatile than Grand Canyon Education. It trades about 0.02 of its total potential returns per unit of risk. Grand Canyon Education is currently generating about 0.06 per unit of volatility. If you would invest 10,645 in Grand Canyon Education on October 29, 2024 and sell it today you would earn a total of 5,455 from holding Grand Canyon Education or generate 51.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. Grand Canyon Education
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| Grand Canyon Education |
ANTA SPORTS and Grand Canyon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and Grand Canyon
The main advantage of trading using opposite ANTA SPORTS and Grand Canyon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, Grand Canyon 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 Grand Canyon will offset losses from the drop in Grand Canyon's long position.| ANTA SPORTS vs. ECHO INVESTMENT ZY | ANTA SPORTS vs. Scottish Mortgage Investment | ANTA SPORTS vs. MACOM Technology Solutions | ANTA SPORTS vs. X FAB Silicon Foundries |
| Grand Canyon vs. THRACE PLASTICS | Grand Canyon vs. ARROW ELECTRONICS | Grand Canyon vs. Richardson Electronics | Grand Canyon vs. Nucletron Electronic Aktiengesellschaft |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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