Correlation Between Antelope Enterprise and Carrier Global
Can any of the company-specific risk be diversified away by investing in both Antelope Enterprise and Carrier Global 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 Antelope Enterprise and Carrier Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Antelope Enterprise Holdings and Carrier Global Corp, you can compare the effects of market volatilities on Antelope Enterprise and Carrier Global 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 Antelope Enterprise with a short position of Carrier Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antelope Enterprise and Carrier Global.
Diversification Opportunities for Antelope Enterprise and Carrier Global
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Antelope and Carrier is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Antelope Enterprise Holdings and Carrier Global Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carrier Global Corp and Antelope Enterprise 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 Antelope Enterprise Holdings are associated (or correlated) with Carrier Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carrier Global Corp has no effect on the direction of Antelope Enterprise i.e., Antelope Enterprise and Carrier Global go up and down completely randomly.
Pair Corralation between Antelope Enterprise and Carrier Global
Given the investment horizon of 90 days Antelope Enterprise Holdings is expected to under-perform the Carrier Global. In addition to that, Antelope Enterprise is 3.25 times more volatile than Carrier Global Corp. It trades about -0.2 of its total potential returns per unit of risk. Carrier Global Corp is currently generating about -0.06 per unit of volatility. If you would invest 6,823 in Carrier Global Corp on December 30, 2024 and sell it today you would lose (490.00) from holding Carrier Global Corp or give up 7.18% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Antelope Enterprise Holdings vs. Carrier Global Corp
Performance |
Timeline |
Antelope Enterprise |
Carrier Global Corp |
Antelope Enterprise and Carrier Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Antelope Enterprise and Carrier Global
The main advantage of trading using opposite Antelope Enterprise and Carrier Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antelope Enterprise position performs unexpectedly, Carrier Global 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 Carrier Global will offset losses from the drop in Carrier Global's long position.Antelope Enterprise vs. Azek Company | Antelope Enterprise vs. AAON Inc | Antelope Enterprise vs. GMS Inc | Antelope Enterprise vs. Intelligent Living Application |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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