Correlation Between Funko and Trivium
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By analyzing existing cross correlation between Funko Inc and Trivium Packaging 55, you can compare the effects of market volatilities on Funko and Trivium 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 Funko with a short position of Trivium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Funko and Trivium.
Diversification Opportunities for Funko and Trivium
Average diversification
The 3 months correlation between Funko and Trivium is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Funko Inc and Trivium Packaging 55 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trivium Packaging and Funko 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 Funko Inc are associated (or correlated) with Trivium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trivium Packaging has no effect on the direction of Funko i.e., Funko and Trivium go up and down completely randomly.
Pair Corralation between Funko and Trivium
Given the investment horizon of 90 days Funko Inc is expected to generate 2.32 times more return on investment than Trivium. However, Funko is 2.32 times more volatile than Trivium Packaging 55. It trades about 0.07 of its potential returns per unit of risk. Trivium Packaging 55 is currently generating about -0.2 per unit of risk. If you would invest 1,130 in Funko Inc on September 2, 2024 and sell it today you would earn a total of 45.00 from holding Funko Inc or generate 3.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Funko Inc vs. Trivium Packaging 55
Performance |
| Timeline |
| Funko Inc |
| Trivium Packaging |
Funko and Trivium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Funko and Trivium
The main advantage of trading using opposite Funko and Trivium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Funko position performs unexpectedly, Trivium 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 Trivium will offset losses from the drop in Trivium's long position.The idea behind Funko Inc and Trivium Packaging 55 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Trivium vs. Xunlei Ltd Adr | Trivium vs. Sun Country Airlines | Trivium vs. WPP PLC ADR | Trivium vs. Volaris |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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