Correlation Between Fill Up and SBF 120
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fill Up Media and SBF 120, you can compare the effects of market volatilities on Fill Up and SBF 120 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 SBF 120. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fill Up and SBF 120.
Diversification Opportunities for Fill Up and SBF 120
Average diversification
The 3 months correlation between Fill and SBF is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Fill Up Media and SBF 120 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBF 120 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 SBF 120. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBF 120 has no effect on the direction of Fill Up i.e., Fill Up and SBF 120 go up and down completely randomly.
Pair Corralation between Fill Up and SBF 120
Assuming the 90 days trading horizon Fill Up Media is expected to generate 1.91 times more return on investment than SBF 120. However, Fill Up is 1.91 times more volatile than SBF 120. It trades about 0.02 of its potential returns per unit of risk. SBF 120 is currently generating about -0.07 per unit of risk. If you would invest 600.00 in Fill Up Media on September 2, 2024 and sell it today you would earn a total of 10.00 from holding Fill Up Media or generate 1.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fill Up Media vs. SBF 120
Performance |
| Timeline |
Fill Up and SBF 120 Volatility Contrast
Predicted Return Density |
| Returns |
Fill Up Media
Pair trading matchups for Fill Up
SBF 120
Pair trading matchups for SBF 120
Pair Trading with Fill Up and SBF 120
The main advantage of trading using opposite Fill Up and SBF 120 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fill Up position performs unexpectedly, SBF 120 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 SBF 120 will offset losses from the drop in SBF 120's long position.The idea behind Fill Up Media and SBF 120 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| SBF 120 vs. Hotelim Socit Anonyme | SBF 120 vs. Hoteles Bestprice SA | SBF 120 vs. Axway Software | SBF 120 vs. Mauna Kea Technologies |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |