Correlation Between Flexion Mobile and High Coast
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By analyzing existing cross correlation between Flexion Mobile PLC and High Coast Distillery, you can compare the effects of market volatilities on Flexion Mobile and High Coast 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 High Coast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flexion Mobile and High Coast.
Diversification Opportunities for Flexion Mobile and High Coast
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Flexion and High is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Flexion Mobile PLC and High Coast Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on High Coast Distillery 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 High Coast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of High Coast Distillery has no effect on the direction of Flexion Mobile i.e., Flexion Mobile and High Coast go up and down completely randomly.
Pair Corralation between Flexion Mobile and High Coast
Assuming the 90 days trading horizon Flexion Mobile PLC is expected to under-perform the High Coast. In addition to that, Flexion Mobile is 1.15 times more volatile than High Coast Distillery. It trades about -0.02 of its total potential returns per unit of risk. High Coast Distillery is currently generating about 0.0 per unit of volatility. If you would invest 5,460 in High Coast Distillery on September 2, 2024 and sell it today you would lose (980.00) from holding High Coast Distillery or give up 17.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Flexion Mobile PLC vs. High Coast Distillery
Performance |
| Timeline |
| Flexion Mobile PLC |
| High Coast Distillery |
Flexion Mobile and High Coast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flexion Mobile and High Coast
The main advantage of trading using opposite Flexion Mobile and High Coast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flexion Mobile position performs unexpectedly, High Coast 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 High Coast will offset losses from the drop in High Coast's long position.| Flexion Mobile vs. MilDef Group AB | Flexion Mobile vs. Fractal Gaming Group | Flexion Mobile vs. KABE Group AB | Flexion Mobile vs. IAR Systems Group |
| High Coast vs. Episurf Medical AB | High Coast vs. Scandic Hotels Group | High Coast vs. Lundin Mining | High Coast vs. 24SevenOffice Scandinavia 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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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