Correlation Between ANTA SPORTS and TERADATA

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

Diversification Opportunities for ANTA SPORTS and TERADATA

ANTATERADATADiversified AwayANTATERADATADiversified Away100%
-0.21
  Correlation Coefficient

Very good diversification

The 3 months correlation between ANTA and TERADATA is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and TERADATA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TERADATA 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 PRODUCT are associated (or correlated) with TERADATA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TERADATA has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and TERADATA go up and down completely randomly.

Pair Corralation between ANTA SPORTS and TERADATA

Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 3.35 times more return on investment than TERADATA. However, ANTA SPORTS is 3.35 times more volatile than TERADATA. It trades about 0.08 of its potential returns per unit of risk. TERADATA is currently generating about 0.2 per unit of risk. If you would invest  844.00  in ANTA SPORTS PRODUCT on September 23, 2024 and sell it today you would earn a total of  150.00  from holding ANTA SPORTS PRODUCT or generate 17.77% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

ANTA SPORTS PRODUCT  vs.  TERADATA

 Performance 
JavaScript chart by amCharts 3.21.15OctNovDec 010203040
JavaScript chart by amCharts 3.21.15AS7 3T4
       Timeline  
ANTA SPORTS PRODUCT 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in ANTA SPORTS PRODUCT are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of rather uncertain basic indicators, ANTA SPORTS exhibited solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec9.51010.51111.512
TERADATA 

Risk-Adjusted Performance

16 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in TERADATA are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, TERADATA unveiled solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec2727.52828.52929.53030.53131.5

ANTA SPORTS and TERADATA Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-13.7-10.26-6.82-3.380.03.457.0110.5814.1517.71 0.050.100.150.20
JavaScript chart by amCharts 3.21.15AS7 3T4
       Returns  

Pair Trading with ANTA SPORTS and TERADATA

The main advantage of trading using opposite ANTA SPORTS and TERADATA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, TERADATA 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 TERADATA will offset losses from the drop in TERADATA's long position.
The idea behind ANTA SPORTS PRODUCT and TERADATA 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 Transaction History module to view history of all your transactions and understand their impact on performance.

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