Correlation Between Fine Metal and Future Park
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By analyzing existing cross correlation between Fine Metal Technologies and Future Park Leasehold, you can compare the effects of market volatilities on Fine Metal and Future Park 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 Future Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fine Metal and Future Park.
Diversification Opportunities for Fine Metal and Future Park
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fine and Future is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Fine Metal Technologies and Future Park Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Park Leasehold 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 Future Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Park Leasehold has no effect on the direction of Fine Metal i.e., Fine Metal and Future Park go up and down completely randomly.
Pair Corralation between Fine Metal and Future Park
Assuming the 90 days trading horizon Fine Metal Technologies is expected to generate 0.11 times more return on investment than Future Park. However, Fine Metal Technologies is 9.1 times less risky than Future Park. It trades about -0.03 of its potential returns per unit of risk. Future Park Leasehold is currently generating about -0.22 per unit of risk. If you would invest 3,400 in Fine Metal Technologies on September 4, 2024 and sell it today you would lose (75.00) from holding Fine Metal Technologies or give up 2.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fine Metal Technologies vs. Future Park Leasehold
Performance |
| Timeline |
| Fine Metal Technologies |
| Future Park Leasehold |
Fine Metal and Future Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fine Metal and Future Park
The main advantage of trading using opposite Fine Metal and Future Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fine Metal position performs unexpectedly, Future Park 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 Future Park will offset losses from the drop in Future Park's long position.| Fine Metal vs. GFPT Public | Fine Metal vs. Kulthorn Kirby Public | Fine Metal vs. Chumporn Palm Oil | Fine Metal vs. Haad Thip Public |
| Future Park vs. Fine Metal Technologies | Future Park vs. NAT ABSOLUTE TECHNOLOGIES | Future Park vs. Qualitech Public | Future Park vs. Techno Medical Public |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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