Correlation Between Fleetcor Technologies and CSG Systems
Can any of the company-specific risk be diversified away by investing in both Fleetcor Technologies and CSG Systems 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 Fleetcor Technologies and CSG Systems into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fleetcor Technologies and CSG Systems International, you can compare the effects of market volatilities on Fleetcor Technologies and CSG Systems 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 Fleetcor Technologies with a short position of CSG Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fleetcor Technologies and CSG Systems.
Diversification Opportunities for Fleetcor Technologies and CSG Systems
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fleetcor and CSG is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Fleetcor Technologies and CSG Systems International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSG Systems International and Fleetcor Technologies 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 Fleetcor Technologies are associated (or correlated) with CSG Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSG Systems International has no effect on the direction of Fleetcor Technologies i.e., Fleetcor Technologies and CSG Systems go up and down completely randomly.
Pair Corralation between Fleetcor Technologies and CSG Systems
If you would invest 4,662 in CSG Systems International on August 26, 2024 and sell it today you would earn a total of 889.00 from holding CSG Systems International or generate 19.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 2.27% |
| Values | Daily Returns |
Fleetcor Technologies vs. CSG Systems International
Performance |
| Timeline |
| Fleetcor Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CSG Systems International |
Fleetcor Technologies and CSG Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fleetcor Technologies and CSG Systems
The main advantage of trading using opposite Fleetcor Technologies and CSG Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fleetcor Technologies position performs unexpectedly, CSG Systems 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 CSG Systems will offset losses from the drop in CSG Systems' long position.| Fleetcor Technologies vs. Emerson Electric | Fleetcor Technologies vs. Marfrig Global Foods | Fleetcor Technologies vs. Topbuild Corp | Fleetcor Technologies vs. FitLife Brands, Common |
| CSG Systems vs. Oneconnect Financial Technology | CSG Systems vs. Global Business Travel | CSG Systems vs. Alight Inc | CSG Systems vs. CS Disco LLC |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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