Correlation Between Figs and 828807DP9
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By analyzing existing cross correlation between Figs Inc and SPG 1375 15 JAN 27, you can compare the effects of market volatilities on Figs and 828807DP9 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 828807DP9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Figs and 828807DP9.
Diversification Opportunities for Figs and 828807DP9
Very weak diversification
The 3 months correlation between Figs and 828807DP9 is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and SPG 1375 15 JAN 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPG 1375 15 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 828807DP9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPG 1375 15 has no effect on the direction of Figs i.e., Figs and 828807DP9 go up and down completely randomly.
Pair Corralation between Figs and 828807DP9
Given the investment horizon of 90 days Figs Inc is expected to under-perform the 828807DP9. In addition to that, Figs is 4.27 times more volatile than SPG 1375 15 JAN 27. It trades about -0.09 of its total potential returns per unit of risk. SPG 1375 15 JAN 27 is currently generating about -0.23 per unit of volatility. If you would invest 9,353 in SPG 1375 15 JAN 27 on September 3, 2024 and sell it today you would lose (640.00) from holding SPG 1375 15 JAN 27 or give up 6.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Figs Inc vs. SPG 1375 15 JAN 27
Performance |
| Timeline |
| Figs Inc |
| SPG 1375 15 |
Figs and 828807DP9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Figs and 828807DP9
The main advantage of trading using opposite Figs and 828807DP9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Figs position performs unexpectedly, 828807DP9 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 828807DP9 will offset losses from the drop in 828807DP9's long position.The idea behind Figs Inc and SPG 1375 15 JAN 27 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.| 828807DP9 vs. AEP TEX INC | 828807DP9 vs. US BANK NATIONAL | 828807DP9 vs. MetLife | 828807DP9 vs. Brera Holdings PLC |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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