Correlation Between ID Logistics and Antin IP
Can any of the company-specific risk be diversified away by investing in both ID Logistics and Antin IP 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 ID Logistics and Antin IP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ID Logistics Group and Antin IP SA, you can compare the effects of market volatilities on ID Logistics and Antin IP 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 ID Logistics with a short position of Antin IP. Check out your portfolio center. Please also check ongoing floating volatility patterns of ID Logistics and Antin IP.
Diversification Opportunities for ID Logistics and Antin IP
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IDL and Antin is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding ID Logistics Group and Antin IP SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Antin IP SA and ID Logistics 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 ID Logistics Group are associated (or correlated) with Antin IP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Antin IP SA has no effect on the direction of ID Logistics i.e., ID Logistics and Antin IP go up and down completely randomly.
Pair Corralation between ID Logistics and Antin IP
Assuming the 90 days trading horizon ID Logistics Group is expected to generate 0.79 times more return on investment than Antin IP. However, ID Logistics Group is 1.27 times less risky than Antin IP. It trades about 0.09 of its potential returns per unit of risk. Antin IP SA is currently generating about -0.07 per unit of risk. If you would invest 36,750 in ID Logistics Group on October 21, 2024 and sell it today you would earn a total of 1,100 from holding ID Logistics Group or generate 2.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ID Logistics Group vs. Antin IP SA
Performance |
| Timeline |
| ID Logistics Group |
| Antin IP SA |
ID Logistics and Antin IP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ID Logistics and Antin IP
The main advantage of trading using opposite ID Logistics and Antin IP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ID Logistics position performs unexpectedly, Antin IP 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 Antin IP will offset losses from the drop in Antin IP's long position.| ID Logistics vs. Accor S A | ID Logistics vs. Publicis Groupe SA | ID Logistics vs. Legrand SA | ID Logistics vs. Pernod Ricard SA |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |