Correlation Between Fill Up and Acticor Biotech
Can any of the company-specific risk be diversified away by investing in both Fill Up and Acticor Biotech 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 Fill Up and Acticor Biotech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fill Up Media and Acticor Biotech SAS, you can compare the effects of market volatilities on Fill Up and Acticor Biotech 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 Fill Up with a short position of Acticor Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fill Up and Acticor Biotech.
Diversification Opportunities for Fill Up and Acticor Biotech
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fill and Acticor is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Fill Up Media and Acticor Biotech SAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acticor Biotech SAS and Fill Up 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 Fill Up Media are associated (or correlated) with Acticor Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acticor Biotech SAS has no effect on the direction of Fill Up i.e., Fill Up and Acticor Biotech go up and down completely randomly.
Pair Corralation between Fill Up and Acticor Biotech
Assuming the 90 days trading horizon Fill Up is expected to generate 11.61 times less return on investment than Acticor Biotech. But when comparing it to its historical volatility, Fill Up Media is 9.94 times less risky than Acticor Biotech. It trades about 0.02 of its potential returns per unit of risk. Acticor Biotech SAS is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 42.00 in Acticor Biotech SAS on September 12, 2024 and sell it today you would lose (17.00) from holding Acticor Biotech SAS or give up 40.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fill Up Media vs. Acticor Biotech SAS
Performance |
| Timeline |
| Fill Up Media |
| Acticor Biotech SAS |
Fill Up and Acticor Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fill Up and Acticor Biotech
The main advantage of trading using opposite Fill Up and Acticor Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fill Up position performs unexpectedly, Acticor Biotech 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 Acticor Biotech will offset losses from the drop in Acticor Biotech's long position.| Fill Up vs. Icape Holding | Fill Up vs. Grolleau SAS | Fill Up vs. Hydrogene De France | Fill Up vs. Trigano SA |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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