Correlation Between John Bean and ANTA SPORTS
Can any of the company-specific risk be diversified away by investing in both John Bean 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 John Bean and ANTA SPORTS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Bean Technologies and ANTA SPORTS PRODUCT, you can compare the effects of market volatilities on John Bean 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 John Bean with a short position of ANTA SPORTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Bean and ANTA SPORTS.
Diversification Opportunities for John Bean and ANTA SPORTS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and ANTA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Bean Technologies 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 John Bean 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 John Bean Technologies 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 John Bean i.e., John Bean and ANTA SPORTS go up and down completely randomly.
Pair Corralation between John Bean and ANTA SPORTS
If you would invest (100.00) in John Bean Technologies on September 12, 2024 and sell it today you would earn a total of 100.00 from holding John Bean Technologies or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
John Bean Technologies vs. ANTA SPORTS PRODUCT
Performance |
| Timeline |
| John Bean Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| ANTA SPORTS PRODUCT |
John Bean and ANTA SPORTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Bean and ANTA SPORTS
The main advantage of trading using opposite John Bean and ANTA SPORTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Bean 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.| John Bean vs. Japan Post Insurance | John Bean vs. China BlueChemical | John Bean vs. Goosehead Insurance | John Bean vs. Quaker Chemical |
| ANTA SPORTS vs. Entravision Communications | ANTA SPORTS vs. Postal Savings Bank | ANTA SPORTS vs. HEMISPHERE EGY | ANTA SPORTS vs. Computershare Limited |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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