Correlation Between Franklin Wireless and KAISER
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By analyzing existing cross correlation between Franklin Wireless Corp and KAISER FNDTN HOSPS, you can compare the effects of market volatilities on Franklin Wireless and KAISER 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 KAISER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Wireless and KAISER.
Diversification Opportunities for Franklin Wireless and KAISER
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Franklin and KAISER is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Wireless Corp and KAISER FNDTN HOSPS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KAISER FNDTN HOSPS 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 KAISER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KAISER FNDTN HOSPS has no effect on the direction of Franklin Wireless i.e., Franklin Wireless and KAISER go up and down completely randomly.
Pair Corralation between Franklin Wireless and KAISER
Given the investment horizon of 90 days Franklin Wireless is expected to generate 262.99 times less return on investment than KAISER. But when comparing it to its historical volatility, Franklin Wireless Corp is 39.65 times less risky than KAISER. It trades about 0.01 of its potential returns per unit of risk. KAISER FNDTN HOSPS is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9,181 in KAISER FNDTN HOSPS on September 3, 2024 and sell it today you would lose (867.00) from holding KAISER FNDTN HOSPS or give up 9.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 87.07% |
| Values | Daily Returns |
Franklin Wireless Corp vs. KAISER FNDTN HOSPS
Performance |
| Timeline |
| Franklin Wireless Corp |
| KAISER FNDTN HOSPS |
Franklin Wireless and KAISER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Wireless and KAISER
The main advantage of trading using opposite Franklin Wireless and KAISER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Wireless position performs unexpectedly, KAISER 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 KAISER will offset losses from the drop in KAISER'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 |
| KAISER vs. Bausch Lomb Corp | KAISER vs. Anterix | KAISER vs. Sphere Entertainment Co | KAISER vs. Franklin Wireless Corp |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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