Correlation Between Franklin Wireless and Repligen
Can any of the company-specific risk be diversified away by investing in both Franklin Wireless and Repligen 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 Franklin Wireless and Repligen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Franklin Wireless Corp and Repligen, you can compare the effects of market volatilities on Franklin Wireless and Repligen 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 Franklin Wireless with a short position of Repligen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Wireless and Repligen.
Diversification Opportunities for Franklin Wireless and Repligen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Franklin and Repligen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Wireless Corp and Repligen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Repligen and Franklin Wireless 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 Franklin Wireless Corp are associated (or correlated) with Repligen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Repligen has no effect on the direction of Franklin Wireless i.e., Franklin Wireless and Repligen go up and down completely randomly.
Pair Corralation between Franklin Wireless and Repligen
Given the investment horizon of 90 days Franklin Wireless is expected to generate 3.15 times less return on investment than Repligen. But when comparing it to its historical volatility, Franklin Wireless Corp is 2.16 times less risky than Repligen. It trades about 0.04 of its potential returns per unit of risk. Repligen is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 13,721 in Repligen on August 27, 2024 and sell it today you would earn a total of 537.00 from holding Repligen or generate 3.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Franklin Wireless Corp vs. Repligen
Performance |
| Timeline |
| Franklin Wireless Corp |
| Repligen |
Franklin Wireless and Repligen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Wireless and Repligen
The main advantage of trading using opposite Franklin Wireless and Repligen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Wireless position performs unexpectedly, Repligen 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 Repligen will offset losses from the drop in Repligen's long position.| Franklin Wireless vs. Wialan Technologies | Franklin Wireless vs. TPT Global Tech | Franklin Wireless vs. Moving iMage Technologies | Franklin Wireless vs. Comtech Telecommunications Corp |
| Repligen vs. Intuitive Surgical | Repligen vs. ResMed Inc | Repligen vs. Merit Medical Systems | Repligen vs. ICU Medical |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |