Correlation Between Anteris Technologies and AptarGroup

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

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

Diversification Opportunities for Anteris Technologies and AptarGroup

0.69

Correlation Coefficient

Anteris Technologies  AptarGroup

Poor diversification

The 3 months correlation between Anteris and AptarGroup is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies Global and AptarGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AptarGroup 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 Global are associated (or correlated) with AptarGroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AptarGroup has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and AptarGroup go up and down completely randomly.

Pair Corralation between Anteris Technologies and AptarGroup

Considering the 90-day investment horizon Anteris Technologies Global is expected to generate 2.8 times more return on investment than AptarGroup. However, Anteris Technologies is 2.8 times more volatile than AptarGroup. It trades about 0.01 of its potential returns per unit of risk. AptarGroup is currently generating about -0.11 per unit of risk. If you would invest  600.00  in Anteris Technologies Global on October 23, 2024 and sell it today you would lose (1.00) from holding Anteris Technologies Global or give up 0.17% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	41.67%
Values	Daily Returns

Anteris Technologies Global  vs.  AptarGroup

Anteris Technologies

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Anteris Technologies Global has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Anteris Technologies is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

AptarGroup

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days AptarGroup has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest unsteady performance, the Stock's basic indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.

Pair Trading with Anteris Technologies and AptarGroup

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

The idea behind Anteris Technologies Global and AptarGroup 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..