Correlation Between Anteris Technologies and Incyte
Can any of the company-specific risk be diversified away by investing in both Anteris Technologies and Incyte 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 Incyte into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anteris Technologies and Incyte, you can compare the effects of market volatilities on Anteris Technologies and Incyte 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 Incyte. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anteris Technologies and Incyte.
Diversification Opportunities for Anteris Technologies and Incyte
-0.87 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Anteris and Incyte is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding Anteris Technologies and Incyte in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Incyte 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 are associated (or correlated) with Incyte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Incyte has no effect on the direction of Anteris Technologies i.e., Anteris Technologies and Incyte go up and down completely randomly.
Pair Corralation between Anteris Technologies and Incyte
Assuming the 90 days horizon Anteris Technologies is expected to generate 2.52 times more return on investment than Incyte. However, Anteris Technologies is 2.52 times more volatile than Incyte. It trades about 0.27 of its potential returns per unit of risk. Incyte is currently generating about -0.69 per unit of risk. If you would invest 1,409 in Anteris Technologies on January 25, 2024 and sell it today you would earn a total of 144.00 from holding Anteris Technologies or generate 10.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Anteris Technologies vs. Incyte
Performance |
| Timeline |
| Anteris Technologies |
| Incyte |
Anteris Technologies and Incyte Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anteris Technologies and Incyte
The main advantage of trading using opposite Anteris Technologies and Incyte positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anteris Technologies position performs unexpectedly, Incyte 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 Incyte will offset losses from the drop in Incyte's long position.| Anteris Technologies vs. Medtronic PLC | Anteris Technologies vs. CONMED | Anteris Technologies vs. Glaukos Corp | Anteris Technologies vs. Integer Holdings Corp |
| Incyte vs. Adaptimmune Therapeutics Plc | Incyte vs. Mereo BioPharma Group | Incyte vs. PDS Biotechnology Corp | Incyte vs. Leap Therapeutics |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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