Correlation Between Anteris Technologies and IRIDEX

Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and IRIDEX 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 Anteris Technologies and IRIDEX into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Anteris Technologies and IRIDEX, you can compare the effects of market volatilities on Anteris Technologies and IRIDEX 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 Anteris Technologies with a short position of IRIDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and IRIDEX.

Diversification Opportunities for Anteris Technologies and IRIDEX

0.0

Correlation Coefficient

Anteris Technologies  IRIDEX

Pay attention - limited upside

The 3 months correlation between Anteris and IRIDEX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and IRIDEX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IRIDEX and Anteris 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 Anteris Technologies are associated (or correlated) with IRIDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IRIDEX has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and IRIDEX go up and down completely randomly.

Pair Corralation between Anteris Technologies and IRIDEX

If you would invest (100.00) in Anteris Technologies on December 29, 2024 and sell it today you would earn a total of  100.00  from holding Anteris Technologies or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Anteris Technologies  vs.  IRIDEX

Anteris Technologies

Risk-Adjusted Performance

Very Weak

Over the last 90 days Anteris Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Anteris Technologies is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

IRIDEX

Risk-Adjusted Performance

Very Weak

Over the last 90 days IRIDEX has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's forward indicators remain fairly strong which may send shares a bit higher in April 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with Anteris Technologies and IRIDEX

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

The idea behind Anteris Technologies and IRIDEX 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.