Correlation Between Enbridge Pref and Firan Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Enbridge Pref 13 and Firan Technology Group, you can compare the effects of market volatilities on Enbridge Pref and Firan Technology 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 Enbridge Pref with a short position of Firan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Firan Technology.
Diversification Opportunities for Enbridge Pref and Firan Technology
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Enbridge and Firan is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref 13 and Firan Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Firan Technology and Enbridge Pref 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 Enbridge Pref 13 are associated (or correlated) with Firan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Firan Technology has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Firan Technology go up and down completely randomly.
Pair Corralation between Enbridge Pref and Firan Technology
Assuming the 90 days trading horizon Enbridge Pref 13 is expected to generate 0.48 times more return on investment than Firan Technology. However, Enbridge Pref 13 is 2.09 times less risky than Firan Technology. It trades about 0.38 of its potential returns per unit of risk. Firan Technology Group is currently generating about -0.04 per unit of risk. If you would invest 1,868 in Enbridge Pref 13 on October 11, 2024 and sell it today you would earn a total of 94.00 from holding Enbridge Pref 13 or generate 5.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Enbridge Pref 13 vs. Firan Technology Group
Performance |
| Timeline |
| Enbridge Pref 13 |
| Firan Technology |
Enbridge Pref and Firan Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and Firan Technology
The main advantage of trading using opposite Enbridge Pref and Firan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Firan Technology 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 Firan Technology will offset losses from the drop in Firan Technology's long position.| Enbridge Pref vs. Firan Technology Group | Enbridge Pref vs. Datable Technology Corp | Enbridge Pref vs. Maple Peak Investments | Enbridge Pref vs. HPQ Silicon Resources |
| Firan Technology vs. Hammond Power Solutions | Firan Technology vs. Questor Technology | Firan Technology vs. Vecima Networks | Firan Technology vs. Magellan Aerospace |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |