Correlation Between Aziyo Biologics and Anteris Technologies
Can any of the company-specific risk be diversified away by investing in both Aziyo Biologics and Anteris Technologies 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 Aziyo Biologics and Anteris Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aziyo Biologics and Anteris Technologies, you can compare the effects of market volatilities on Aziyo Biologics and Anteris Technologies 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 Aziyo Biologics with a short position of Anteris Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aziyo Biologics and Anteris Technologies.
Diversification Opportunities for Aziyo Biologics and Anteris Technologies
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Aziyo and Anteris is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Aziyo Biologics and Anteris Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anteris Technologies and Aziyo Biologics 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 Aziyo Biologics are associated (or correlated) with Anteris Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anteris Technologies has no effect on the direction of Aziyo Biologics i.e., Aziyo Biologics and Anteris Technologies go up and down completely randomly.
Pair Corralation between Aziyo Biologics and Anteris Technologies
Given the investment horizon of 90 days Aziyo Biologics is expected to generate 2.5 times more return on investment than Anteris Technologies. However, Aziyo Biologics is 2.5 times more volatile than Anteris Technologies. It trades about 0.02 of its potential returns per unit of risk. Anteris Technologies is currently generating about -0.05 per unit of risk. If you would invest 361.00 in Aziyo Biologics on August 24, 2024 and sell it today you would lose (117.00) from holding Aziyo Biologics or give up 32.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 32.06% |
| Values | Daily Returns |
Aziyo Biologics vs. Anteris Technologies
Performance |
| Timeline |
| Aziyo Biologics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Anteris Technologies |
Aziyo Biologics and Anteris Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aziyo Biologics and Anteris Technologies
The main advantage of trading using opposite Aziyo Biologics and Anteris Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aziyo Biologics position performs unexpectedly, Anteris Technologies 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 Anteris Technologies will offset losses from the drop in Anteris Technologies' long position.| Aziyo Biologics vs. Ainos Inc | Aziyo Biologics vs. SurModics | Aziyo Biologics vs. LENSAR Inc | Aziyo Biologics vs. IRIDEX |
| Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics Corp | Anteris Technologies vs. BICO Group AB |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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