Correlation Between Endeavour Silver and ANTA SPORTS
Can any of the company-specific risk be diversified away by investing in both Endeavour Silver and ANTA SPORTS 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 Endeavour Silver and ANTA SPORTS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Endeavour Silver Corp and ANTA SPORTS PRODUCT, you can compare the effects of market volatilities on Endeavour Silver and ANTA SPORTS 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 Endeavour Silver with a short position of ANTA SPORTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Endeavour Silver and ANTA SPORTS.
Diversification Opportunities for Endeavour Silver and ANTA SPORTS
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Endeavour and ANTA is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Endeavour Silver Corp and ANTA SPORTS PRODUCT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA SPORTS PRODUCT and Endeavour Silver 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 Endeavour Silver Corp are associated (or correlated) with ANTA SPORTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTA SPORTS PRODUCT has no effect on the direction of Endeavour Silver i.e., Endeavour Silver and ANTA SPORTS go up and down completely randomly.
Pair Corralation between Endeavour Silver and ANTA SPORTS
Assuming the 90 days horizon Endeavour Silver Corp is expected to generate 1.41 times more return on investment than ANTA SPORTS. However, Endeavour Silver is 1.41 times more volatile than ANTA SPORTS PRODUCT. It trades about 0.03 of its potential returns per unit of risk. ANTA SPORTS PRODUCT is currently generating about 0.01 per unit of risk. If you would invest 326.00 in Endeavour Silver Corp on October 11, 2024 and sell it today you would earn a total of 51.00 from holding Endeavour Silver Corp or generate 15.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Endeavour Silver Corp vs. ANTA SPORTS PRODUCT
Performance |
| Timeline |
| Endeavour Silver Corp |
| ANTA SPORTS PRODUCT |
Endeavour Silver and ANTA SPORTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Endeavour Silver and ANTA SPORTS
The main advantage of trading using opposite Endeavour Silver and ANTA SPORTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Endeavour Silver position performs unexpectedly, ANTA SPORTS 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 ANTA SPORTS will offset losses from the drop in ANTA SPORTS's long position.| Endeavour Silver vs. Jacquet Metal Service | Endeavour Silver vs. De Grey Mining | Endeavour Silver vs. MCEWEN MINING INC | Endeavour Silver vs. GALENA MINING LTD |
| ANTA SPORTS vs. Zijin Mining Group | ANTA SPORTS vs. GRIFFIN MINING LTD | ANTA SPORTS vs. Jacquet Metal Service | ANTA SPORTS vs. Harmony Gold Mining |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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