Correlation Between ANTHEM and Grupo Simec
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By analyzing existing cross correlation between ANTHEM INC 455 and Grupo Simec SAB, you can compare the effects of market volatilities on ANTHEM and Grupo Simec 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 ANTHEM with a short position of Grupo Simec. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTHEM and Grupo Simec.
Diversification Opportunities for ANTHEM and Grupo Simec
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ANTHEM and Grupo is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding ANTHEM INC 455 and Grupo Simec SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Simec SAB and ANTHEM 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 ANTHEM INC 455 are associated (or correlated) with Grupo Simec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Simec SAB has no effect on the direction of ANTHEM i.e., ANTHEM and Grupo Simec go up and down completely randomly.
Pair Corralation between ANTHEM and Grupo Simec
Assuming the 90 days trading horizon ANTHEM INC 455 is expected to generate 0.6 times more return on investment than Grupo Simec. However, ANTHEM INC 455 is 1.67 times less risky than Grupo Simec. It trades about 0.2 of its potential returns per unit of risk. Grupo Simec SAB is currently generating about -0.01 per unit of risk. If you would invest 8,526 in ANTHEM INC 455 on August 31, 2024 and sell it today you would earn a total of 336.00 from holding ANTHEM INC 455 or generate 3.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
ANTHEM INC 455 vs. Grupo Simec SAB
Performance |
| Timeline |
| ANTHEM INC 455 |
| Grupo Simec SAB |
ANTHEM and Grupo Simec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTHEM and Grupo Simec
The main advantage of trading using opposite ANTHEM and Grupo Simec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTHEM position performs unexpectedly, Grupo Simec 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 Grupo Simec will offset losses from the drop in Grupo Simec's long position.| ANTHEM vs. Grupo Simec SAB | ANTHEM vs. Insteel Industries | ANTHEM vs. Sable Offshore Corp | ANTHEM vs. Olympic Steel |
| Grupo Simec vs. Nucor Corp | Grupo Simec vs. Steel Dynamics | Grupo Simec vs. ArcelorMittal SA ADR | Grupo Simec vs. Gerdau SA ADR |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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