Correlation Between Integral and Anterix
Can any of the company-specific risk be diversified away by investing in both Integral and Anterix 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 Integral and Anterix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integral Ad Science and Anterix, you can compare the effects of market volatilities on Integral and Anterix 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 Integral with a short position of Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integral and Anterix.
Diversification Opportunities for Integral and Anterix
Good diversification
The 3 months correlation between Integral and Anterix is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Integral Ad Science and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix and Integral 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 Integral Ad Science are associated (or correlated) with Anterix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anterix has no effect on the direction of Integral i.e., Integral and Anterix go up and down completely randomly.
Pair Corralation between Integral and Anterix
Considering the 90-day investment horizon Integral Ad Science is expected to under-perform the Anterix. In addition to that, Integral is 1.89 times more volatile than Anterix. It trades about -0.03 of its total potential returns per unit of risk. Anterix is currently generating about 0.07 per unit of volatility. If you would invest 3,289 in Anterix on August 26, 2024 and sell it today you would earn a total of 83.00 from holding Anterix or generate 2.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integral Ad Science vs. Anterix
Performance |
| Timeline |
| Integral Ad Science |
| Anterix |
Integral and Anterix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integral and Anterix
The main advantage of trading using opposite Integral and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integral position performs unexpectedly, Anterix 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 Anterix will offset losses from the drop in Anterix's long position.The idea behind Integral Ad Science and Anterix 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.| Anterix vs. Shenandoah Telecommunications Co | Anterix vs. Liberty Broadband Corp | Anterix vs. Ooma Inc | Anterix vs. IDT Corporation |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |