Correlation Between FactSet Research and CEDAR
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By analyzing existing cross correlation between FactSet Research Systems and CEDAR FAIR L, you can compare the effects of market volatilities on FactSet Research and CEDAR 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 FactSet Research with a short position of CEDAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of FactSet Research and CEDAR.
Diversification Opportunities for FactSet Research and CEDAR
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between FactSet and CEDAR is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding FactSet Research Systems and CEDAR FAIR L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CEDAR FAIR L and FactSet Research 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 FactSet Research Systems are associated (or correlated) with CEDAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CEDAR FAIR L has no effect on the direction of FactSet Research i.e., FactSet Research and CEDAR go up and down completely randomly.
Pair Corralation between FactSet Research and CEDAR
Considering the 90-day investment horizon FactSet Research Systems is expected to generate 2.48 times more return on investment than CEDAR. However, FactSet Research is 2.48 times more volatile than CEDAR FAIR L. It trades about 0.31 of its potential returns per unit of risk. CEDAR FAIR L is currently generating about 0.25 per unit of risk. If you would invest 45,380 in FactSet Research Systems on August 31, 2024 and sell it today you would earn a total of 3,570 from holding FactSet Research Systems or generate 7.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
FactSet Research Systems vs. CEDAR FAIR L
Performance |
| Timeline |
| FactSet Research Systems |
| CEDAR FAIR L |
FactSet Research and CEDAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FactSet Research and CEDAR
The main advantage of trading using opposite FactSet Research and CEDAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FactSet Research position performs unexpectedly, CEDAR 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 CEDAR will offset losses from the drop in CEDAR's long position.| FactSet Research vs. Dun Bradstreet Holdings | FactSet Research vs. Moodys | FactSet Research vs. MSCI Inc | FactSet Research vs. Intercontinental Exchange |
| CEDAR vs. AEP TEX INC | CEDAR vs. US BANK NATIONAL | CEDAR vs. FactSet Research Systems | CEDAR vs. Golden Agri Resources |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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