Correlation Between IHS Holding and Anterix
Can any of the company-specific risk be diversified away by investing in both IHS Holding 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 IHS Holding and Anterix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IHS Holding and Anterix, you can compare the effects of market volatilities on IHS Holding 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 IHS Holding with a short position of Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of IHS Holding and Anterix.
Diversification Opportunities for IHS Holding and Anterix
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IHS and Anterix is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding IHS Holding and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix and IHS Holding 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 IHS Holding 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 IHS Holding i.e., IHS Holding and Anterix go up and down completely randomly.
Pair Corralation between IHS Holding and Anterix
Considering the 90-day investment horizon IHS Holding is expected to under-perform the Anterix. In addition to that, IHS Holding is 1.51 times more volatile than Anterix. It trades about -0.02 of its total potential returns per unit of risk. Anterix is currently generating about 0.01 per unit of volatility. If you would invest 3,034 in Anterix on November 9, 2024 and sell it today you would lose (174.00) from holding Anterix or give up 5.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IHS Holding vs. Anterix
Performance |
| Timeline |
| IHS Holding |
| Anterix |
IHS Holding and Anterix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IHS Holding and Anterix
The main advantage of trading using opposite IHS Holding and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IHS Holding 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.| IHS Holding vs. Cogent Communications Group | IHS Holding vs. IDT Corporation | IHS Holding vs. Iridium Communications | IHS Holding vs. Cable One |
| 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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