Correlation Between Anterix and IDT
Can any of the company-specific risk be diversified away by investing in both Anterix and IDT 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 Anterix and IDT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anterix and IDT Corporation, you can compare the effects of market volatilities on Anterix and IDT 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 Anterix with a short position of IDT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anterix and IDT.
Diversification Opportunities for Anterix and IDT
Very weak diversification
The 3 months correlation between Anterix and IDT is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Anterix and IDT Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IDT Corporation and Anterix 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 Anterix are associated (or correlated) with IDT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IDT Corporation has no effect on the direction of Anterix i.e., Anterix and IDT go up and down completely randomly.
Pair Corralation between Anterix and IDT
Given the investment horizon of 90 days Anterix is expected to generate 1.16 times more return on investment than IDT. However, Anterix is 1.16 times more volatile than IDT Corporation. It trades about 0.01 of its potential returns per unit of risk. IDT Corporation is currently generating about -0.09 per unit of risk. If you would invest 2,123 in Anterix on August 20, 2025 and sell it today you would lose (4.00) from holding Anterix or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anterix vs. IDT Corp.
Performance |
| Timeline |
| Anterix |
| IDT Corporation |
Anterix and IDT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anterix and IDT
The main advantage of trading using opposite Anterix and IDT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anterix position performs unexpectedly, IDT 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 IDT will offset losses from the drop in IDT's long position.| Anterix vs. Ooma Inc | Anterix vs. WideOpenWest | Anterix vs. iHeartMedia Class A | Anterix vs. Zhihu Inc ADR |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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