Correlation Between Fine Metal and Amata Public
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By analyzing existing cross correlation between Fine Metal Technologies and Amata Public, you can compare the effects of market volatilities on Fine Metal and Amata Public 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 Fine Metal with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fine Metal and Amata Public.
Diversification Opportunities for Fine Metal and Amata Public
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fine and Amata is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Fine Metal Technologies and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and Fine Metal 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 Fine Metal Technologies are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of Fine Metal i.e., Fine Metal and Amata Public go up and down completely randomly.
Pair Corralation between Fine Metal and Amata Public
If you would invest 3,200 in Fine Metal Technologies on September 15, 2024 and sell it today you would earn a total of 100.00 from holding Fine Metal Technologies or generate 3.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.0% |
| Values | Daily Returns |
Fine Metal Technologies vs. Amata Public
Performance |
| Timeline |
| Fine Metal Technologies |
| Amata Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Fine Metal and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fine Metal and Amata Public
The main advantage of trading using opposite Fine Metal and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fine Metal position performs unexpectedly, Amata Public 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 Amata Public will offset losses from the drop in Amata Public's long position.| Fine Metal vs. Tata Steel Public | Fine Metal vs. TTCL Public | Fine Metal vs. Thaifoods Group Public | Fine Metal vs. TMT Steel Public |
| Amata Public vs. Porn Prom Metal | Amata Public vs. Mena Transport Public | Amata Public vs. Permsin Steel Works | Amata Public vs. Fine Metal Technologies |
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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