Correlation Between Affluent Medical and Fill Up
Can any of the company-specific risk be diversified away by investing in both Affluent Medical and Fill Up 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 Affluent Medical and Fill Up into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Affluent Medical SAS and Fill Up Media, you can compare the effects of market volatilities on Affluent Medical and Fill Up 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 Affluent Medical with a short position of Fill Up. Check out your portfolio center. Please also check ongoing floating volatility patterns of Affluent Medical and Fill Up.
Diversification Opportunities for Affluent Medical and Fill Up
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Affluent and Fill is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Affluent Medical SAS and Fill Up Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fill Up Media and Affluent Medical 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 Affluent Medical SAS are associated (or correlated) with Fill Up. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fill Up Media has no effect on the direction of Affluent Medical i.e., Affluent Medical and Fill Up go up and down completely randomly.
Pair Corralation between Affluent Medical and Fill Up
Assuming the 90 days trading horizon Affluent Medical SAS is expected to generate 2.11 times more return on investment than Fill Up. However, Affluent Medical is 2.11 times more volatile than Fill Up Media. It trades about 0.02 of its potential returns per unit of risk. Fill Up Media is currently generating about 0.01 per unit of risk. If you would invest 140.00 in Affluent Medical SAS on December 4, 2024 and sell it today you would earn a total of 2.00 from holding Affluent Medical SAS or generate 1.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Affluent Medical SAS vs. Fill Up Media
Performance |
| Timeline |
| Affluent Medical SAS |
| Fill Up Media |
Affluent Medical and Fill Up Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Affluent Medical and Fill Up
The main advantage of trading using opposite Affluent Medical and Fill Up positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Affluent Medical position performs unexpectedly, Fill Up 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 Fill Up will offset losses from the drop in Fill Up's long position.| Affluent Medical vs. Aramis SAS | Affluent Medical vs. Spartoo SAS | Affluent Medical vs. Hydrogene De France | Affluent Medical vs. Omer Decugis Cie |
| Fill Up vs. Nacon Sa | Fill Up vs. Icape Holding | Fill Up vs. Grolleau SAS | Fill Up vs. Hydrogene De France |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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