Correlation Between 09660V2A0 and ANTA Sports

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Can any of the company-specific risk be diversified away by investing in both 09660V2A0 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 09660V2A0 and ANTA Sports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BNP 4375 01 MAR 33 and ANTA Sports Products, you can compare the effects of market volatilities on 09660V2A0 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 09660V2A0 with a short position of ANTA Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of 09660V2A0 and ANTA Sports.

Diversification Opportunities for 09660V2A0 and ANTA Sports

-0.49
  Correlation Coefficient

Very good diversification

The 3 months correlation between 09660V2A0 and ANTA is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding BNP 4375 01 MAR 33 and ANTA Sports Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA Sports Products and 09660V2A0 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 BNP 4375 01 MAR 33 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 Products has no effect on the direction of 09660V2A0 i.e., 09660V2A0 and ANTA Sports go up and down completely randomly.

Pair Corralation between 09660V2A0 and ANTA Sports

Assuming the 90 days trading horizon 09660V2A0 is expected to generate 3.13 times less return on investment than ANTA Sports. But when comparing it to its historical volatility, BNP 4375 01 MAR 33 is 3.28 times less risky than ANTA Sports. It trades about 0.0 of its potential returns per unit of risk. ANTA Sports Products is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest  31,817  in ANTA Sports Products on December 4, 2024 and sell it today you would lose (3,644) from holding ANTA Sports Products or give up 11.45% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy37.73%
ValuesDaily Returns

BNP 4375 01 MAR 33  vs.  ANTA Sports Products

 Performance 
       Timeline  
BNP 4375 01 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days BNP 4375 01 MAR 33 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, 09660V2A0 is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
ANTA Sports Products 

Risk-Adjusted Performance

OK

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in ANTA Sports Products are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak fundamental indicators, ANTA Sports showed solid returns over the last few months and may actually be approaching a breakup point.

09660V2A0 and ANTA Sports Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with 09660V2A0 and ANTA Sports

The main advantage of trading using opposite 09660V2A0 and ANTA Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 09660V2A0 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' long position.
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The idea behind BNP 4375 01 MAR 33 and ANTA Sports Products 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.
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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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.

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