Correlation Between Axcelis Technologies and ANTA Sports
Can any of the company-specific risk be diversified away by investing in both Axcelis Technologies 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 Axcelis Technologies and ANTA Sports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axcelis Technologies and ANTA Sports Products, you can compare the effects of market volatilities on Axcelis Technologies 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 Axcelis Technologies with a short position of ANTA Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axcelis Technologies and ANTA Sports.
Diversification Opportunities for Axcelis Technologies and ANTA Sports
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Axcelis and ANTA is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Axcelis Technologies 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 Axcelis Technologies 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 Axcelis Technologies 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 Axcelis Technologies i.e., Axcelis Technologies and ANTA Sports go up and down completely randomly.
Pair Corralation between Axcelis Technologies and ANTA Sports
Assuming the 90 days trading horizon Axcelis Technologies is expected to under-perform the ANTA Sports. But the stock apears to be less risky and, when comparing its historical volatility, Axcelis Technologies is 1.01 times less risky than ANTA Sports. The stock trades about -0.04 of its potential returns per unit of risk. The ANTA Sports Products is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 807.00 in ANTA Sports Products on September 3, 2024 and sell it today you would earn a total of 113.00 from holding ANTA Sports Products or generate 14.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Axcelis Technologies vs. ANTA Sports Products
Performance |
| Timeline |
| Axcelis Technologies |
| ANTA Sports Products |
Axcelis Technologies and ANTA Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axcelis Technologies and ANTA Sports
The main advantage of trading using opposite Axcelis Technologies and ANTA Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axcelis Technologies 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.| Axcelis Technologies vs. Tower One Wireless | Axcelis Technologies vs. FORWARD AIR P | Axcelis Technologies vs. Corsair Gaming | Axcelis Technologies vs. MTI WIRELESS EDGE |
| ANTA Sports vs. InterContinental Hotels Group | ANTA Sports vs. Ramsay Health Care | ANTA Sports vs. INTERCONT HOTELS | ANTA Sports vs. Sunstone Hotel Investors |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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