Correlation Between LENSAR and Anteris Technologies
Can any of the company-specific risk be diversified away by investing in both LENSAR and Anteris Technologies 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 LENSAR and Anteris Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between LENSAR Inc and Anteris Technologies, you can compare the effects of market volatilities on LENSAR and Anteris Technologies 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 LENSAR with a short position of Anteris Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of LENSAR and Anteris Technologies.
Diversification Opportunities for LENSAR and Anteris Technologies
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between LENSAR and Anteris is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding LENSAR Inc and Anteris Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anteris Technologies and LENSAR 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 LENSAR Inc are associated (or correlated) with Anteris Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anteris Technologies has no effect on the direction of LENSAR i.e., LENSAR and Anteris Technologies go up and down completely randomly.
Pair Corralation between LENSAR and Anteris Technologies
Given the investment horizon of 90 days LENSAR Inc is expected to generate 1.64 times more return on investment than Anteris Technologies. However, LENSAR is 1.64 times more volatile than Anteris Technologies. It trades about 0.06 of its potential returns per unit of risk. Anteris Technologies is currently generating about -0.05 per unit of risk. If you would invest 317.00 in LENSAR Inc on August 24, 2024 and sell it today you would earn a total of 421.00 from holding LENSAR Inc or generate 132.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
LENSAR Inc vs. Anteris Technologies
Performance |
| Timeline |
| LENSAR Inc |
| Anteris Technologies |
LENSAR and Anteris Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LENSAR and Anteris Technologies
The main advantage of trading using opposite LENSAR and Anteris Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LENSAR position performs unexpectedly, Anteris Technologies 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 Anteris Technologies will offset losses from the drop in Anteris Technologies' long position.The idea behind LENSAR Inc and Anteris Technologies 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.| Anteris Technologies vs. Armm Inc | Anteris Technologies vs. Cellink AB | Anteris Technologies vs. Bone Biologics Corp | Anteris Technologies vs. BICO Group AB |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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