Correlation Between Fill Up and FNP Technologies
Can any of the company-specific risk be diversified away by investing in both Fill Up and FNP Technologies 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 FNP Technologies 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 FNP Technologies SA, you can compare the effects of market volatilities on Fill Up and FNP Technologies 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 FNP Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fill Up and FNP Technologies.
Diversification Opportunities for Fill Up and FNP Technologies
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fill and FNP is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Fill Up Media and FNP Technologies SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FNP Technologies 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 FNP Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FNP Technologies has no effect on the direction of Fill Up i.e., Fill Up and FNP Technologies go up and down completely randomly.
Pair Corralation between Fill Up and FNP Technologies
If you would invest 555.00 in Fill Up Media on August 30, 2024 and sell it today you would earn a total of 35.00 from holding Fill Up Media or generate 6.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fill Up Media vs. FNP Technologies SA
Performance |
| Timeline |
| Fill Up Media |
| FNP Technologies |
Fill Up and FNP Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fill Up and FNP Technologies
The main advantage of trading using opposite Fill Up and FNP Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fill Up position performs unexpectedly, FNP Technologies 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 FNP Technologies will offset losses from the drop in FNP Technologies' long position.| Fill Up vs. Grolleau SAS | Fill Up vs. Hydrogene De France | Fill Up vs. Trigano SA | Fill Up vs. Manitou BF 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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