Correlation Between Firan Technology and OURGAME INTHOLDL
Can any of the company-specific risk be diversified away by investing in both Firan Technology and OURGAME INTHOLDL 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 Firan Technology and OURGAME INTHOLDL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Firan Technology Group and OURGAME INTHOLDL 00005, you can compare the effects of market volatilities on Firan Technology and OURGAME INTHOLDL 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 Firan Technology with a short position of OURGAME INTHOLDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firan Technology and OURGAME INTHOLDL.
Diversification Opportunities for Firan Technology and OURGAME INTHOLDL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Firan and OURGAME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Firan Technology Group and OURGAME INTHOLDL 00005 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OURGAME INTHOLDL 00005 and Firan Technology 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 Firan Technology Group are associated (or correlated) with OURGAME INTHOLDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OURGAME INTHOLDL 00005 has no effect on the direction of Firan Technology i.e., Firan Technology and OURGAME INTHOLDL go up and down completely randomly.
Pair Corralation between Firan Technology and OURGAME INTHOLDL
Assuming the 90 days trading horizon Firan Technology is expected to generate 1.71 times less return on investment than OURGAME INTHOLDL. But when comparing it to its historical volatility, Firan Technology Group is 3.46 times less risky than OURGAME INTHOLDL. It trades about 0.08 of its potential returns per unit of risk. OURGAME INTHOLDL 00005 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1.55 in OURGAME INTHOLDL 00005 on January 6, 2025 and sell it today you would earn a total of 0.05 from holding OURGAME INTHOLDL 00005 or generate 3.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.72% |
| Values | Daily Returns |
Firan Technology Group vs. OURGAME INTHOLDL 00005
Performance |
| Timeline |
| Firan Technology |
| OURGAME INTHOLDL 00005 |
Firan Technology and OURGAME INTHOLDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firan Technology and OURGAME INTHOLDL
The main advantage of trading using opposite Firan Technology and OURGAME INTHOLDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firan Technology position performs unexpectedly, OURGAME INTHOLDL 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 OURGAME INTHOLDL will offset losses from the drop in OURGAME INTHOLDL's long position.| Firan Technology vs. bet at home AG | Firan Technology vs. KENEDIX OFFICE INV | Firan Technology vs. Commercial Vehicle Group | Firan Technology vs. CarsalesCom |
| OURGAME INTHOLDL vs. PKSHA TECHNOLOGY INC | OURGAME INTHOLDL vs. RYANAIR HLDGS ADR | OURGAME INTHOLDL vs. FAIR ISAAC | OURGAME INTHOLDL vs. Digilife Technologies Limited |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |