Correlation Between Anteris Technologies and Daxor

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

Diversification Opportunities for Anteris Technologies and Daxor

-0.64

Correlation Coefficient

Anteris Technologies  Daxor

Excellent diversification

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

Pair Corralation between Anteris Technologies and Daxor

Considering the 90-day investment horizon Anteris Technologies Global is expected to generate 1.86 times more return on investment than Daxor. However, Anteris Technologies is 1.86 times more volatile than Daxor. It trades about 0.06 of its potential returns per unit of risk. Daxor is currently generating about 0.0 per unit of risk. If you would invest  558.00  in Anteris Technologies Global on December 20, 2024 and sell it today you would earn a total of  63.00  from holding Anteris Technologies Global or generate 11.29% return on investment over 90 days.

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

Anteris Technologies Global  vs.  Daxor

Anteris Technologies

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Anteris Technologies Global are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile basic indicators, Anteris Technologies reported solid returns over the last few months and may actually be approaching a breakup point.

Daxor

Risk-Adjusted Performance

Very Weak

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

Pair Trading with Anteris Technologies and Daxor

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

The idea behind Anteris Technologies Global and Daxor 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.