Correlation Between ANT and Aperture International

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Can any of the company-specific risk be diversified away by investing in both ANT and Aperture 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 ANT and Aperture International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANT and Aperture International Equity, you can compare the effects of market volatilities on ANT and Aperture 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 ANT with a short position of Aperture International. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANT and Aperture International.

Diversification Opportunities for ANT and Aperture International

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between ANT and Aperture International

Assuming the 90 days trading horizon ANT is expected to generate 72.57 times more return on investment than Aperture International. However, ANT is 72.57 times more volatile than Aperture International Equity. It trades about 0.1 of its potential returns per unit of risk. Aperture International Equity is currently generating about 0.06 per unit of risk. If you would invest  307.00  in ANT on October 27, 2024 and sell it today you would lose (160.00) from holding ANT or give up 52.12% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy38.93%
ValuesDaily Returns

ANT  vs.  Aperture International Equity

 Performance 
       Timeline  
ANT 

Risk-Adjusted Performance

12 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in ANT are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady basic indicators, ANT exhibited solid returns over the last few months and may actually be approaching a breakup point.
Aperture International 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Aperture International Equity has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong technical and fundamental indicators, Aperture International is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

ANT and Aperture International Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ANT and Aperture International

The main advantage of trading using opposite ANT and Aperture International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANT position performs unexpectedly, Aperture 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 Aperture International will offset losses from the drop in Aperture International's long position.
The idea behind ANT and Aperture International Equity 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.
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.

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