Correlation Between Fluent and 031162DS6
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By analyzing existing cross correlation between Fluent Inc and AMGN 56 02 MAR 43, you can compare the effects of market volatilities on Fluent and 031162DS6 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 031162DS6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fluent and 031162DS6.
Diversification Opportunities for Fluent and 031162DS6
Good diversification
The 3 months correlation between Fluent and 031162DS6 is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Fluent Inc and AMGN 56 02 MAR 43 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 56 02 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 031162DS6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 56 02 has no effect on the direction of Fluent i.e., Fluent and 031162DS6 go up and down completely randomly.
Pair Corralation between Fluent and 031162DS6
Given the investment horizon of 90 days Fluent Inc is expected to under-perform the 031162DS6. In addition to that, Fluent is 5.05 times more volatile than AMGN 56 02 MAR 43. It trades about -0.05 of its total potential returns per unit of risk. AMGN 56 02 MAR 43 is currently generating about 0.08 per unit of volatility. If you would invest 10,050 in AMGN 56 02 MAR 43 on August 26, 2024 and sell it today you would earn a total of 164.00 from holding AMGN 56 02 MAR 43 or generate 1.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fluent Inc vs. AMGN 56 02 MAR 43
Performance |
| Timeline |
| Fluent Inc |
| AMGN 56 02 |
Fluent and 031162DS6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fluent and 031162DS6
The main advantage of trading using opposite Fluent and 031162DS6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fluent position performs unexpectedly, 031162DS6 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 031162DS6 will offset losses from the drop in 031162DS6's long position.| Fluent vs. Mirriad Advertising plc | Fluent vs. INEO Tech Corp | Fluent vs. Innovid Corp | Fluent vs. Townsquare Media |
| 031162DS6 vs. Fluent Inc | 031162DS6 vs. BOS Better Online | 031162DS6 vs. CECO Environmental Corp | 031162DS6 vs. Deluxe |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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