Correlation Between Macquarie and Anteris Technologies
Can any of the company-specific risk be diversified away by investing in both Macquarie 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 Macquarie and Anteris Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Macquarie Group and Anteris Technologies, you can compare the effects of market volatilities on Macquarie 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 Macquarie with a short position of Anteris Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Macquarie and Anteris Technologies.
Diversification Opportunities for Macquarie and Anteris Technologies
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Macquarie and Anteris is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Macquarie Group and Anteris Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anteris Technologies and Macquarie 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 Macquarie Group 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 Macquarie i.e., Macquarie and Anteris Technologies go up and down completely randomly.
Pair Corralation between Macquarie and Anteris Technologies
Assuming the 90 days trading horizon Macquarie Group is expected to generate 0.36 times more return on investment than Anteris Technologies. However, Macquarie Group is 2.77 times less risky than Anteris Technologies. It trades about 0.09 of its potential returns per unit of risk. Anteris Technologies is currently generating about -0.07 per unit of risk. If you would invest 18,820 in Macquarie Group on October 22, 2024 and sell it today you would earn a total of 4,724 from holding Macquarie Group or generate 25.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Macquarie Group vs. Anteris Technologies
Performance |
| Timeline |
| Macquarie Group |
| Anteris Technologies |
Macquarie and Anteris Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Macquarie and Anteris Technologies
The main advantage of trading using opposite Macquarie and Anteris Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Macquarie 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.| Macquarie vs. FireFly Metals | Macquarie vs. Platinum Asset Management | Macquarie vs. Centrex Metals | Macquarie vs. Clime Investment Management |
| Anteris Technologies vs. Aneka Tambang Tbk | Anteris Technologies vs. Macquarie Group | Anteris Technologies vs. BHP Group Limited | Anteris Technologies vs. Block Inc |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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