Correlation Between Fidus Investment and 78490FMG1
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fidus Investment Corp and US78490FMG18, you can compare the effects of market volatilities on Fidus Investment and 78490FMG1 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 Fidus Investment with a short position of 78490FMG1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidus Investment and 78490FMG1.
Diversification Opportunities for Fidus Investment and 78490FMG1
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fidus and 78490FMG1 is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Fidus Investment Corp and US78490FMG18 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US78490FMG18 and Fidus Investment 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 Fidus Investment Corp are associated (or correlated) with 78490FMG1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US78490FMG18 has no effect on the direction of Fidus Investment i.e., Fidus Investment and 78490FMG1 go up and down completely randomly.
Pair Corralation between Fidus Investment and 78490FMG1
Given the investment horizon of 90 days Fidus Investment Corp is expected to generate 0.38 times more return on investment than 78490FMG1. However, Fidus Investment Corp is 2.63 times less risky than 78490FMG1. It trades about 0.53 of its potential returns per unit of risk. US78490FMG18 is currently generating about -0.05 per unit of risk. If you would invest 1,945 in Fidus Investment Corp on September 2, 2024 and sell it today you would earn a total of 184.00 from holding Fidus Investment Corp or generate 9.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 33.33% |
| Values | Daily Returns |
Fidus Investment Corp vs. US78490FMG18
Performance |
| Timeline |
| Fidus Investment Corp |
| US78490FMG18 |
Fidus Investment and 78490FMG1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidus Investment and 78490FMG1
The main advantage of trading using opposite Fidus Investment and 78490FMG1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidus Investment position performs unexpectedly, 78490FMG1 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 78490FMG1 will offset losses from the drop in 78490FMG1's long position.| Fidus Investment vs. Visa Class A | Fidus Investment vs. Diamond Hill Investment | Fidus Investment vs. Distoken Acquisition | Fidus Investment vs. Associated Capital Group |
| 78490FMG1 vs. Kura Sushi USA | 78490FMG1 vs. Fidus Investment Corp | 78490FMG1 vs. Dave Busters Entertainment | 78490FMG1 vs. PennantPark Floating Rate |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |