Correlation Between NEXEN and Anterix
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By analyzing existing cross correlation between NEXEN INC 64 and Anterix, you can compare the effects of market volatilities on NEXEN and Anterix 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 NEXEN with a short position of Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEXEN and Anterix.
Diversification Opportunities for NEXEN and Anterix
Very good diversification
The 3 months correlation between NEXEN and Anterix is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding NEXEN INC 64 and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix and NEXEN 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 NEXEN INC 64 are associated (or correlated) with Anterix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anterix has no effect on the direction of NEXEN i.e., NEXEN and Anterix go up and down completely randomly.
Pair Corralation between NEXEN and Anterix
Assuming the 90 days trading horizon NEXEN INC 64 is expected to under-perform the Anterix. But the bond apears to be less risky and, when comparing its historical volatility, NEXEN INC 64 is 3.73 times less risky than Anterix. The bond trades about -0.52 of its potential returns per unit of risk. The Anterix is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 2,927 in Anterix on November 28, 2024 and sell it today you would earn a total of 963.00 from holding Anterix or generate 32.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 18.18% |
| Values | Daily Returns |
NEXEN INC 64 vs. Anterix
Performance |
| Timeline |
| NEXEN INC 64 |
| Anterix |
NEXEN and Anterix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEXEN and Anterix
The main advantage of trading using opposite NEXEN and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEXEN position performs unexpectedly, Anterix 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 Anterix will offset losses from the drop in Anterix's long position.The idea behind NEXEN INC 64 and Anterix 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.| Anterix vs. Shenandoah Telecommunications Co | Anterix vs. Liberty Broadband Corp | Anterix vs. Ooma Inc | Anterix vs. IDT Corporation |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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