Correlation Between Anteris Technologies and Autosports
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Autosports 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 Anteris Technologies and Autosports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Autosports Group, you can compare the effects of market volatilities on Anteris Technologies and Autosports 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 Anteris Technologies with a short position of Autosports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Autosports.
Diversification Opportunities for Anteris Technologies and Autosports
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anteris and Autosports is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Autosports Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autosports Group and Anteris Technologies 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 Anteris Technologies are associated (or correlated) with Autosports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autosports Group has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Autosports go up and down completely randomly.
Pair Corralation between Anteris Technologies and Autosports
Assuming the 90 days trading horizon Anteris Technologies is expected to generate 3.1 times more return on investment than Autosports. However, Anteris Technologies is 3.1 times more volatile than Autosports Group. It trades about 0.13 of its potential returns per unit of risk. Autosports Group is currently generating about -0.19 per unit of risk. If you would invest 860.00 in Anteris Technologies on November 5, 2024 and sell it today you would earn a total of 69.00 from holding Anteris Technologies or generate 8.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anteris Technologies vs. Autosports Group
Performance |
| Timeline |
| Anteris Technologies |
| Autosports Group |
Anteris Technologies and Autosports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Autosports
The main advantage of trading using opposite Anteris Technologies and Autosports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Autosports 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 Autosports will offset losses from the drop in Autosports' long position.| Anteris Technologies vs. EROAD | Anteris Technologies vs. Autosports Group | Anteris Technologies vs. Sports Entertainment Group | Anteris Technologies vs. oOhMedia |
| Autosports vs. Centrex Metals | Autosports vs. FireFly Metals | Autosports vs. Cosmo Metals | Autosports vs. Champion Iron |
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.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |