Correlation Between Flexion Mobile and Footway Group
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By analyzing existing cross correlation between Flexion Mobile PLC and Footway Group AB, you can compare the effects of market volatilities on Flexion Mobile and Footway Group 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 Flexion Mobile with a short position of Footway Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flexion Mobile and Footway Group.
Diversification Opportunities for Flexion Mobile and Footway Group
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Flexion and Footway is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Flexion Mobile PLC and Footway Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Footway Group AB and Flexion Mobile 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 Flexion Mobile PLC are associated (or correlated) with Footway Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Footway Group AB has no effect on the direction of Flexion Mobile i.e., Flexion Mobile and Footway Group go up and down completely randomly.
Pair Corralation between Flexion Mobile and Footway Group
Assuming the 90 days trading horizon Flexion Mobile PLC is expected to generate 0.86 times more return on investment than Footway Group. However, Flexion Mobile PLC is 1.17 times less risky than Footway Group. It trades about -0.08 of its potential returns per unit of risk. Footway Group AB is currently generating about -0.16 per unit of risk. If you would invest 780.00 in Flexion Mobile PLC on August 29, 2024 and sell it today you would lose (42.00) from holding Flexion Mobile PLC or give up 5.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Flexion Mobile PLC vs. Footway Group AB
Performance |
| Timeline |
| Flexion Mobile PLC |
| Footway Group AB |
Flexion Mobile and Footway Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flexion Mobile and Footway Group
The main advantage of trading using opposite Flexion Mobile and Footway Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flexion Mobile position performs unexpectedly, Footway Group 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 Footway Group will offset losses from the drop in Footway Group's long position.| Flexion Mobile vs. JLT Mobile Computers | Flexion Mobile vs. Invisio Communications AB | Flexion Mobile vs. Swedbank AB | Flexion Mobile vs. Lundin Mining |
| Footway Group vs. SolTech Energy Sweden | Footway Group vs. Lohilo Foods AB | Footway Group vs. Sdiptech AB | Footway Group vs. Upsales Technology AB |
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 Stocks Directory module to find actively traded stocks across global markets.
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