Correlation Between Fluent and HONEYWELL
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By analyzing existing cross correlation between Fluent Inc and HONEYWELL INTERNATIONAL INC, you can compare the effects of market volatilities on Fluent and HONEYWELL 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 HONEYWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fluent and HONEYWELL.
Diversification Opportunities for Fluent and HONEYWELL
Significant diversification
The 3 months correlation between Fluent and HONEYWELL is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Fluent Inc and HONEYWELL INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HONEYWELL INTERNATIONAL 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 HONEYWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HONEYWELL INTERNATIONAL has no effect on the direction of Fluent i.e., Fluent and HONEYWELL go up and down completely randomly.
Pair Corralation between Fluent and HONEYWELL
Given the investment horizon of 90 days Fluent Inc is expected to under-perform the HONEYWELL. But the stock apears to be less risky and, when comparing its historical volatility, Fluent Inc is 9.3 times less risky than HONEYWELL. The stock trades about -0.01 of its potential returns per unit of risk. The HONEYWELL INTERNATIONAL INC is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,080 in HONEYWELL INTERNATIONAL INC on September 3, 2024 and sell it today you would lose (362.00) from holding HONEYWELL INTERNATIONAL INC or give up 3.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.79% |
| Values | Daily Returns |
Fluent Inc vs. HONEYWELL INTERNATIONAL INC
Performance |
| Timeline |
| Fluent Inc |
| HONEYWELL INTERNATIONAL |
Fluent and HONEYWELL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fluent and HONEYWELL
The main advantage of trading using opposite Fluent and HONEYWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fluent position performs unexpectedly, HONEYWELL 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 HONEYWELL will offset losses from the drop in HONEYWELL's long position.| Fluent vs. Marchex | Fluent vs. Dolphin Entertainment | Fluent vs. Beyond Commerce | Fluent vs. MGO Global Common |
| HONEYWELL vs. Fluent Inc | HONEYWELL vs. RLX Technology | HONEYWELL vs. Turning Point Brands | HONEYWELL vs. Xunlei Ltd Adr |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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