Correlation Between ANTA SPORTS and INTUITIVE SURGICAL
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and INTUITIVE SURGICAL 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 INTUITIVE SURGICAL 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 INTUITIVE SURGICAL, you can compare the effects of market volatilities on ANTA SPORTS and INTUITIVE SURGICAL 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 INTUITIVE SURGICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and INTUITIVE SURGICAL.
Diversification Opportunities for ANTA SPORTS and INTUITIVE SURGICAL
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANTA and INTUITIVE is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and INTUITIVE SURGICAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTUITIVE SURGICAL 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 INTUITIVE SURGICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTUITIVE SURGICAL has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and INTUITIVE SURGICAL go up and down completely randomly.
Pair Corralation between ANTA SPORTS and INTUITIVE SURGICAL
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 1.34 times more return on investment than INTUITIVE SURGICAL. However, ANTA SPORTS is 1.34 times more volatile than INTUITIVE SURGICAL. It trades about 0.09 of its potential returns per unit of risk. INTUITIVE SURGICAL is currently generating about 0.11 per unit of risk. If you would invest 927.00 in ANTA SPORTS PRODUCT on October 30, 2024 and sell it today you would earn a total of 75.00 from holding ANTA SPORTS PRODUCT or generate 8.09% 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. INTUITIVE SURGICAL
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| INTUITIVE SURGICAL |
ANTA SPORTS and INTUITIVE SURGICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and INTUITIVE SURGICAL
The main advantage of trading using opposite ANTA SPORTS and INTUITIVE SURGICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, INTUITIVE SURGICAL 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 INTUITIVE SURGICAL will offset losses from the drop in INTUITIVE SURGICAL's long position.| ANTA SPORTS vs. PRECISION DRILLING P | ANTA SPORTS vs. CHEMICAL INDUSTRIES | ANTA SPORTS vs. NorAm Drilling AS | ANTA SPORTS vs. SEKISUI CHEMICAL |
| INTUITIVE SURGICAL vs. Apple Inc | INTUITIVE SURGICAL vs. Apple Inc | INTUITIVE SURGICAL vs. Apple Inc | INTUITIVE SURGICAL vs. Apple 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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