Correlation Between Figs and NWIDE

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Can any of the company-specific risk be diversified away by investing in both Figs and NWIDE 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 Figs and NWIDE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Figs Inc and NWIDE 4 14 SEP 26, you can compare the effects of market volatilities on Figs and NWIDE 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 Figs with a short position of NWIDE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Figs and NWIDE.

Diversification Opportunities for Figs and NWIDE

-0.22
  Correlation Coefficient

Very good diversification

The 3 months correlation between Figs and NWIDE is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and NWIDE 4 14 SEP 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NWIDE 4 14 and Figs 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 Figs Inc are associated (or correlated) with NWIDE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NWIDE 4 14 has no effect on the direction of Figs i.e., Figs and NWIDE go up and down completely randomly.

Pair Corralation between Figs and NWIDE

Given the investment horizon of 90 days Figs Inc is expected to generate 5.02 times more return on investment than NWIDE. However, Figs is 5.02 times more volatile than NWIDE 4 14 SEP 26. It trades about 0.02 of its potential returns per unit of risk. NWIDE 4 14 SEP 26 is currently generating about -0.08 per unit of risk. If you would invest  547.00  in Figs Inc on September 5, 2024 and sell it today you would lose (28.00) from holding Figs Inc or give up 5.12% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy26.4%
ValuesDaily Returns

Figs Inc  vs.  NWIDE 4 14 SEP 26

 Performance 
       Timeline  
Figs Inc 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Figs Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable technical and fundamental indicators, Figs is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.
NWIDE 4 14 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days NWIDE 4 14 SEP 26 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for NWIDE 4 14 SEP 26 investors.

Figs and NWIDE Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Figs and NWIDE

The main advantage of trading using opposite Figs and NWIDE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Figs position performs unexpectedly, NWIDE 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 NWIDE will offset losses from the drop in NWIDE's long position.
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The idea behind Figs Inc and NWIDE 4 14 SEP 26 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.

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