Correlation Between PHN Multi and Franklin Global
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By analyzing existing cross correlation between PHN Multi Style All Cap and Franklin Global Aggregate, you can compare the effects of market volatilities on PHN Multi and Franklin Global 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 PHN Multi with a short position of Franklin Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Franklin Global.
Diversification Opportunities for PHN Multi and Franklin Global
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PHN and Franklin is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Franklin Global Aggregate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Global Aggregate and PHN Multi 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 PHN Multi Style All Cap are associated (or correlated) with Franklin Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Global Aggregate has no effect on the direction of PHN Multi i.e., PHN Multi and Franklin Global go up and down completely randomly.
Pair Corralation between PHN Multi and Franklin Global
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 3.19 times more return on investment than Franklin Global. However, PHN Multi is 3.19 times more volatile than Franklin Global Aggregate. It trades about 0.15 of its potential returns per unit of risk. Franklin Global Aggregate is currently generating about 0.12 per unit of risk. If you would invest 2,758 in PHN Multi Style All Cap on August 29, 2024 and sell it today you would earn a total of 79.00 from holding PHN Multi Style All Cap or generate 2.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Franklin Global Aggregate
Performance |
| Timeline |
| PHN Multi Style |
| Franklin Global Aggregate |
PHN Multi and Franklin Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Franklin Global
The main advantage of trading using opposite PHN Multi and Franklin Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Franklin Global 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 Franklin Global will offset losses from the drop in Franklin Global's long position.| PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income | PHN Multi vs. Global Healthcare Income |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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