Correlation Between Cresud SACIF and FEDEX
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By analyzing existing cross correlation between Cresud SACIF y and FEDEX P 495, you can compare the effects of market volatilities on Cresud SACIF and FEDEX 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 Cresud SACIF with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cresud SACIF and FEDEX.
Diversification Opportunities for Cresud SACIF and FEDEX
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cresud and FEDEX is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Cresud SACIF y and FEDEX P 495 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 495 and Cresud SACIF 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 Cresud SACIF y are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 495 has no effect on the direction of Cresud SACIF i.e., Cresud SACIF and FEDEX go up and down completely randomly.
Pair Corralation between Cresud SACIF and FEDEX
Assuming the 90 days horizon Cresud SACIF is expected to generate 2.54 times less return on investment than FEDEX. In addition to that, Cresud SACIF is 3.24 times more volatile than FEDEX P 495. It trades about 0.02 of its total potential returns per unit of risk. FEDEX P 495 is currently generating about 0.16 per unit of volatility. If you would invest 8,736 in FEDEX P 495 on November 3, 2024 and sell it today you would earn a total of 446.00 from holding FEDEX P 495 or generate 5.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Cresud SACIF y vs. FEDEX P 495
Performance |
| Timeline |
| Cresud SACIF y |
| FEDEX P 495 |
Cresud SACIF and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cresud SACIF and FEDEX
The main advantage of trading using opposite Cresud SACIF and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cresud SACIF position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Cresud SACIF vs. Landsea Homes | Cresud SACIF vs. Canterbury Park Holding | Cresud SACIF vs. Evolv Technologies Holdings |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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