Correlation Between Anton Oilfield and Apple
Can any of the company-specific risk be diversified away by investing in both Anton Oilfield and Apple 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 Anton Oilfield and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anton Oilfield Services and Apple Inc, you can compare the effects of market volatilities on Anton Oilfield and Apple 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 Anton Oilfield with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anton Oilfield and Apple.
Diversification Opportunities for Anton Oilfield and Apple
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anton and Apple is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Anton Oilfield Services and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Anton Oilfield 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 Anton Oilfield Services are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Anton Oilfield i.e., Anton Oilfield and Apple go up and down completely randomly.
Pair Corralation between Anton Oilfield and Apple
Assuming the 90 days horizon Anton Oilfield Services is expected to generate 1.74 times more return on investment than Apple. However, Anton Oilfield is 1.74 times more volatile than Apple Inc. It trades about 0.04 of its potential returns per unit of risk. Apple Inc is currently generating about -0.01 per unit of risk. If you would invest 5.00 in Anton Oilfield Services on January 19, 2024 and sell it today you would earn a total of 0.42 from holding Anton Oilfield Services or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anton Oilfield Services vs. Apple Inc
Performance |
| Timeline |
| Anton Oilfield Services |
| Apple Inc |
Anton Oilfield and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anton Oilfield and Apple
The main advantage of trading using opposite Anton Oilfield and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anton Oilfield position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| Anton Oilfield vs. AAC Clyde Space | Anton Oilfield vs. Avante Logixx | Anton Oilfield vs. Corby Spirit and | Anton Oilfield vs. HUMANA INC |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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