Correlation Between Anteris Technologies and Sims
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Sims 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 Sims into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Sims, you can compare the effects of market volatilities on Anteris Technologies and Sims 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 Sims. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Sims.
Diversification Opportunities for Anteris Technologies and Sims
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anteris and Sims is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Sims in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sims 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 Sims. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sims has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Sims go up and down completely randomly.
Pair Corralation between Anteris Technologies and Sims
Assuming the 90 days trading horizon Anteris Technologies is expected to generate 2.78 times less return on investment than Sims. In addition to that, Anteris Technologies is 2.14 times more volatile than Sims. It trades about 0.02 of its total potential returns per unit of risk. Sims is currently generating about 0.11 per unit of volatility. If you would invest 1,243 in Sims on October 22, 2024 and sell it today you would earn a total of 94.00 from holding Sims or generate 7.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anteris Technologies vs. Sims
Performance |
| Timeline |
| Anteris Technologies |
| Sims |
Anteris Technologies and Sims Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Sims
The main advantage of trading using opposite Anteris Technologies and Sims positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Sims 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 Sims will offset losses from the drop in Sims' long position.| Anteris Technologies vs. Aneka Tambang Tbk | Anteris Technologies vs. Macquarie Group | Anteris Technologies vs. BHP Group Limited | Anteris Technologies vs. Block Inc |
| Sims vs. Advanced Braking Technology | Sims vs. Anteris Technologies | Sims vs. Genetic Technologies | Sims vs. Neurotech International |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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