Correlation Between COSMOSTEEL HLDGS and ATRYS HEALTH

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Can any of the company-specific risk be diversified away by investing in both COSMOSTEEL HLDGS and ATRYS HEALTH 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 COSMOSTEEL HLDGS and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between COSMOSTEEL HLDGS and ATRYS HEALTH SA, you can compare the effects of market volatilities on COSMOSTEEL HLDGS and ATRYS HEALTH 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 COSMOSTEEL HLDGS with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMOSTEEL HLDGS and ATRYS HEALTH.

Diversification Opportunities for COSMOSTEEL HLDGS and ATRYS HEALTH

COSMOSTEELATRYSDiversified AwayCOSMOSTEELATRYSDiversified Away100%
-0.17
  Correlation Coefficient

Good diversification

The 3 months correlation between COSMOSTEEL and ATRYS is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding COSMOSTEEL HLDGS and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and COSMOSTEEL HLDGS 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 COSMOSTEEL HLDGS are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of COSMOSTEEL HLDGS i.e., COSMOSTEEL HLDGS and ATRYS HEALTH go up and down completely randomly.

Pair Corralation between COSMOSTEEL HLDGS and ATRYS HEALTH

Assuming the 90 days trading horizon COSMOSTEEL HLDGS is expected to generate 1.3 times more return on investment than ATRYS HEALTH. However, COSMOSTEEL HLDGS is 1.3 times more volatile than ATRYS HEALTH SA. It trades about 0.14 of its potential returns per unit of risk. ATRYS HEALTH SA is currently generating about 0.11 per unit of risk. If you would invest  6.05  in COSMOSTEEL HLDGS on September 27, 2024 and sell it today you would earn a total of  0.70  from holding COSMOSTEEL HLDGS or generate 11.57% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

COSMOSTEEL HLDGS  vs.  ATRYS HEALTH SA

 Performance 
JavaScript chart by amCharts 3.21.15OctNovDec -10-5051015
JavaScript chart by amCharts 3.21.15CMR A2T
       Timeline  
COSMOSTEEL HLDGS 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in COSMOSTEEL HLDGS are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, COSMOSTEEL HLDGS may actually be approaching a critical reversion point that can send shares even higher in January 2025.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec0.0580.060.0620.0640.0660.0680.070.0720.074
ATRYS HEALTH SA 

Risk-Adjusted Performance

3 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in ATRYS HEALTH SA are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, ATRYS HEALTH may actually be approaching a critical reversion point that can send shares even higher in January 2025.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec2.72.82.933.13.23.33.43.5

COSMOSTEEL HLDGS and ATRYS HEALTH Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-10.0-7.49-4.98-2.470.02.434.997.5510.112.66 0.010.020.030.040.05
JavaScript chart by amCharts 3.21.15CMR A2T
       Returns  

Pair Trading with COSMOSTEEL HLDGS and ATRYS HEALTH

The main advantage of trading using opposite COSMOSTEEL HLDGS and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMOSTEEL HLDGS position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.
The idea behind COSMOSTEEL HLDGS and ATRYS HEALTH SA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.

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