Correlation Between First Eagle and First Eagle
Can any of the company-specific risk be diversified away by investing in both First Eagle and First Eagle at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining First Eagle and First Eagle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between First Eagle Fund and First Eagle Global, you can compare the effects of market volatilities on First Eagle and First Eagle 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 First Eagle with a short position of First Eagle. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Eagle and First Eagle.
Diversification Opportunities for First Eagle and First Eagle
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between First and First is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding First Eagle Fund and First Eagle Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Eagle Global and First Eagle 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 First Eagle Fund are associated (or correlated) with First Eagle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Eagle Global has no effect on the direction of First Eagle i.e., First Eagle and First Eagle go up and down completely randomly.
Pair Corralation between First Eagle and First Eagle
Assuming the 90 days horizon First Eagle Fund is expected to generate 1.78 times more return on investment than First Eagle. However, First Eagle is 1.78 times more volatile than First Eagle Global. It trades about 0.08 of its potential returns per unit of risk. First Eagle Global is currently generating about 0.07 per unit of risk. If you would invest 2,373 in First Eagle Fund on August 31, 2024 and sell it today you would earn a total of 587.00 from holding First Eagle Fund or generate 24.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
First Eagle Fund vs. First Eagle Global
Performance |
| Timeline |
| First Eagle Fund |
| First Eagle Global |
First Eagle and First Eagle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Eagle and First Eagle
The main advantage of trading using opposite First Eagle and First Eagle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Eagle position performs unexpectedly, First Eagle 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 First Eagle will offset losses from the drop in First Eagle's long position.| First Eagle vs. Rbc Emerging Markets | First Eagle vs. Goldman Sachs Emerging | First Eagle vs. Growth Strategy Fund | First Eagle vs. Angel Oak Multi Strategy |
| First Eagle vs. First American Funds | First Eagle vs. First American Funds | First Eagle vs. First American Funds | First Eagle vs. First American Funds |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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