Correlation Between ANTA Sports and T-MOBILE
Can any of the company-specific risk be diversified away by investing in both ANTA Sports and T-MOBILE 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 ANTA Sports and T-MOBILE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA Sports Products and T MOBILE INCDL 00001, you can compare the effects of market volatilities on ANTA Sports and T-MOBILE 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 ANTA Sports with a short position of T-MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA Sports and T-MOBILE.
Diversification Opportunities for ANTA Sports and T-MOBILE
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ANTA and T-MOBILE is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding ANTA Sports Products and T MOBILE INCDL 00001 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on T MOBILE INCDL and ANTA Sports 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 ANTA Sports Products are associated (or correlated) with T-MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of T MOBILE INCDL has no effect on the direction of ANTA Sports i.e., ANTA Sports and T-MOBILE go up and down completely randomly.
Pair Corralation between ANTA Sports and T-MOBILE
Assuming the 90 days trading horizon ANTA Sports is expected to generate 1.54 times less return on investment than T-MOBILE. In addition to that, ANTA Sports is 1.09 times more volatile than T MOBILE INCDL 00001. It trades about 0.07 of its total potential returns per unit of risk. T MOBILE INCDL 00001 is currently generating about 0.12 per unit of volatility. If you would invest 21,182 in T MOBILE INCDL 00001 on December 29, 2024 and sell it today you would earn a total of 3,373 from holding T MOBILE INCDL 00001 or generate 15.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
ANTA Sports Products vs. T MOBILE INCDL 00001
Performance |
Timeline |
ANTA Sports Products |
T MOBILE INCDL |
ANTA Sports and T-MOBILE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ANTA Sports and T-MOBILE
The main advantage of trading using opposite ANTA Sports and T-MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA Sports position performs unexpectedly, T-MOBILE 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 T-MOBILE will offset losses from the drop in T-MOBILE's long position.ANTA Sports vs. Nomad Foods | ANTA Sports vs. ARDAGH METAL PACDL 0001 | ANTA Sports vs. High Liner Foods | ANTA Sports vs. Collins Foods Limited |
T-MOBILE vs. Scandinavian Tobacco Group | T-MOBILE vs. CNVISION MEDIA | T-MOBILE vs. JAPAN TOBACCO UNSPADR12 | T-MOBILE vs. ScanSource |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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