Correlation Between Fidelity America and Groupama Entreprises
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By analyzing existing cross correlation between Fidelity America AD and Groupama Entreprises N, you can compare the effects of market volatilities on Fidelity America and Groupama Entreprises 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 Fidelity America with a short position of Groupama Entreprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity America and Groupama Entreprises.
Diversification Opportunities for Fidelity America and Groupama Entreprises
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Groupama is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity America AD and Groupama Entreprises N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Groupama Entreprises and Fidelity America 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 Fidelity America AD are associated (or correlated) with Groupama Entreprises. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Groupama Entreprises has no effect on the direction of Fidelity America i.e., Fidelity America and Groupama Entreprises go up and down completely randomly.
Pair Corralation between Fidelity America and Groupama Entreprises
Assuming the 90 days trading horizon Fidelity America AD is expected to generate 69.78 times more return on investment than Groupama Entreprises. However, Fidelity America is 69.78 times more volatile than Groupama Entreprises N. It trades about 0.06 of its potential returns per unit of risk. Groupama Entreprises N is currently generating about 0.98 per unit of risk. If you would invest 1,592 in Fidelity America AD on September 12, 2024 and sell it today you would earn a total of 17.00 from holding Fidelity America AD or generate 1.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Fidelity America AD vs. Groupama Entreprises N
Performance |
| Timeline |
| Fidelity America |
| Groupama Entreprises |
Fidelity America and Groupama Entreprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity America and Groupama Entreprises
The main advantage of trading using opposite Fidelity America and Groupama Entreprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity America position performs unexpectedly, Groupama Entreprises 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 Groupama Entreprises will offset losses from the drop in Groupama Entreprises' long position.| Fidelity America vs. Groupama Entreprises N | Fidelity America vs. Renaissance Europe C | Fidelity America vs. Superior Plus Corp | Fidelity America vs. Origin Agritech |
| Groupama Entreprises vs. Esfera Robotics R | Groupama Entreprises vs. R co Valor F | Groupama Entreprises vs. CM AM Monplus NE | Groupama Entreprises vs. IE00B0H4TS55 |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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