Correlation Between Fluent and Thermedics
Can any of the company-specific risk be diversified away by investing in both Fluent and Thermedics 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 Fluent and Thermedics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fluent Inc and Thermedics, you can compare the effects of market volatilities on Fluent and Thermedics 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 Fluent with a short position of Thermedics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fluent and Thermedics.
Diversification Opportunities for Fluent and Thermedics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fluent and Thermedics is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fluent Inc and Thermedics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thermedics and Fluent 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 Fluent Inc are associated (or correlated) with Thermedics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thermedics has no effect on the direction of Fluent i.e., Fluent and Thermedics go up and down completely randomly.
Pair Corralation between Fluent and Thermedics
If you would invest (100.00) in Thermedics on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Thermedics or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Fluent Inc vs. Thermedics
Performance |
| Timeline |
| Fluent Inc |
| Thermedics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Fluent and Thermedics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fluent and Thermedics
The main advantage of trading using opposite Fluent and Thermedics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fluent position performs unexpectedly, Thermedics 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 Thermedics will offset losses from the drop in Thermedics' long position.| Fluent vs. Marchex | Fluent vs. Dolphin Entertainment | Fluent vs. Beyond Commerce | Fluent vs. MGO Global Common |
| Thermedics vs. Sphere Entertainment Co | Thermedics vs. Weibo Corp | Thermedics vs. Freedom Bank of | Thermedics vs. Anterix |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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