Correlation Between Fluent and APPLE
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By analyzing existing cross correlation between Fluent Inc and APPLE INC 335, you can compare the effects of market volatilities on Fluent and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fluent and APPLE.
Diversification Opportunities for Fluent and APPLE
Average diversification
The 3 months correlation between Fluent and APPLE is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Fluent Inc and APPLE INC 335 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 335 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 335 has no effect on the direction of Fluent i.e., Fluent and APPLE go up and down completely randomly.
Pair Corralation between Fluent and APPLE
Given the investment horizon of 90 days Fluent Inc is expected to generate 17.96 times more return on investment than APPLE. However, Fluent is 17.96 times more volatile than APPLE INC 335. It trades about 0.01 of its potential returns per unit of risk. APPLE INC 335 is currently generating about -0.13 per unit of risk. If you would invest 284.00 in Fluent Inc on August 30, 2024 and sell it today you would lose (7.00) from holding Fluent Inc or give up 2.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fluent Inc vs. APPLE INC 335
Performance |
| Timeline |
| Fluent Inc |
| APPLE INC 335 |
Fluent and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fluent and APPLE
The main advantage of trading using opposite Fluent and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fluent position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Fluent vs. Marchex | Fluent vs. Dolphin Entertainment | Fluent vs. Beyond Commerce | Fluent vs. MGO Global Common |
| APPLE vs. Grocery Outlet Holding | APPLE vs. Siriuspoint | APPLE vs. Sun Life Financial | APPLE vs. QBE Insurance Group |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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