Correlation Between Freedom Bank and PFIZER
Specify exactly 2 symbols:
By analyzing existing cross correlation between Freedom Bank of and PFIZER INC, you can compare the effects of market volatilities on Freedom Bank and PFIZER 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 Freedom Bank with a short position of PFIZER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freedom Bank and PFIZER.
Diversification Opportunities for Freedom Bank and PFIZER
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Freedom and PFIZER is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Freedom Bank of and PFIZER INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PFIZER INC and Freedom Bank 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 Freedom Bank of are associated (or correlated) with PFIZER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PFIZER INC has no effect on the direction of Freedom Bank i.e., Freedom Bank and PFIZER go up and down completely randomly.
Pair Corralation between Freedom Bank and PFIZER
Given the investment horizon of 90 days Freedom Bank of is expected to generate 2.25 times more return on investment than PFIZER. However, Freedom Bank is 2.25 times more volatile than PFIZER INC. It trades about 0.04 of its potential returns per unit of risk. PFIZER INC is currently generating about -0.01 per unit of risk. If you would invest 990.00 in Freedom Bank of on September 2, 2024 and sell it today you would earn a total of 71.00 from holding Freedom Bank of or generate 7.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 86.81% |
| Values | Daily Returns |
Freedom Bank of vs. PFIZER INC
Performance |
| Timeline |
| Freedom Bank |
| PFIZER INC |
Freedom Bank and PFIZER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freedom Bank and PFIZER
The main advantage of trading using opposite Freedom Bank and PFIZER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freedom Bank position performs unexpectedly, PFIZER 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 PFIZER will offset losses from the drop in PFIZER's long position.| Freedom Bank vs. HUMANA INC | Freedom Bank vs. SCOR PK | Freedom Bank vs. Aquagold International | Freedom Bank vs. Thrivent High Yield |
| PFIZER vs. BCB Bancorp | PFIZER vs. Pearson PLC ADR | PFIZER vs. Western Union Co | PFIZER vs. Freedom Bank of |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |