Correlation Between Fisher Paykel and A1 Investments
Can any of the company-specific risk be diversified away by investing in both Fisher Paykel and A1 Investments 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 Fisher Paykel and A1 Investments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fisher Paykel Healthcare and A1 Investments Resources, you can compare the effects of market volatilities on Fisher Paykel and A1 Investments 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 Fisher Paykel with a short position of A1 Investments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fisher Paykel and A1 Investments.
Diversification Opportunities for Fisher Paykel and A1 Investments
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fisher and AYI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fisher Paykel Healthcare and A1 Investments Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A1 Investments Resources and Fisher Paykel 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 Fisher Paykel Healthcare are associated (or correlated) with A1 Investments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A1 Investments Resources has no effect on the direction of Fisher Paykel i.e., Fisher Paykel and A1 Investments go up and down completely randomly.
Pair Corralation between Fisher Paykel and A1 Investments
If you would invest 2,132 in Fisher Paykel Healthcare on August 31, 2024 and sell it today you would earn a total of 1,320 from holding Fisher Paykel Healthcare or generate 61.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.74% |
| Values | Daily Returns |
Fisher Paykel Healthcare vs. A1 Investments Resources
Performance |
| Timeline |
| Fisher Paykel Healthcare |
| A1 Investments Resources |
Fisher Paykel and A1 Investments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fisher Paykel and A1 Investments
The main advantage of trading using opposite Fisher Paykel and A1 Investments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fisher Paykel position performs unexpectedly, A1 Investments 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 A1 Investments will offset losses from the drop in A1 Investments' long position.| Fisher Paykel vs. Mount Gibson Iron | Fisher Paykel vs. Bluescope Steel | Fisher Paykel vs. Skycity Entertainment Group | Fisher Paykel vs. oOhMedia |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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