Correlation Between Antelope Enterprise and Janus International

Can any of the company-specific risk be diversified away by investing in both Antelope Enterprise and Janus International 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 Janus International 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 Janus International Group, you can compare the effects of market volatilities on Antelope Enterprise and Janus International 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 Janus International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Antelope Enterprise and Janus International.

Diversification Opportunities for Antelope Enterprise and Janus International

-0.64

Correlation Coefficient

Antelope Enterprise  Janus International

Excellent diversification

The 3 months correlation between Antelope and Janus is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Antelope Enterprise Holdings and Janus International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus International 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 Janus International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus International has no effect on the direction of Antelope Enterprise i.e., Antelope Enterprise and Janus International go up and down completely randomly.

Pair Corralation between Antelope Enterprise and Janus International

Given the investment horizon of 90 days Antelope Enterprise Holdings is expected to under-perform the Janus International. In addition to that, Antelope Enterprise is 1.93 times more volatile than Janus International Group. It trades about -0.2 of its total potential returns per unit of risk. Janus International Group is currently generating about 0.0 per unit of volatility. If you would invest  737.00  in Janus International Group on December 28, 2024 and sell it today you would lose (19.00) from holding Janus International Group or give up 2.58% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Antelope Enterprise Holdings  vs.  Janus International Group

Antelope Enterprise

Risk-Adjusted Performance

Very Weak

Over the last 90 days Antelope Enterprise Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite abnormal performance in the last few months, the Stock's technical indicators remain quite persistent which may send shares a bit higher in April 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Janus International

Risk-Adjusted Performance

Very Weak

Over the last 90 days Janus International Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong fundamental drivers, Janus International is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

Pair Trading with Antelope Enterprise and Janus International

The main advantage of trading using opposite Antelope Enterprise and Janus International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Antelope Enterprise position performs unexpectedly, Janus International 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 Janus International will offset losses from the drop in Janus International's long position.

The idea behind Antelope Enterprise Holdings and Janus International Group 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.