Correlation Between FAST RETAIL and GENTING SG
Can any of the company-specific risk be diversified away by investing in both FAST RETAIL and GENTING SG 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 FAST RETAIL and GENTING SG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FAST RETAIL ADR and GENTING SG LTD, you can compare the effects of market volatilities on FAST RETAIL and GENTING SG 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 FAST RETAIL with a short position of GENTING SG. Check out your portfolio center. Please also check ongoing floating volatility patterns of FAST RETAIL and GENTING SG.
Diversification Opportunities for FAST RETAIL and GENTING SG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FAST and GENTING is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FAST RETAIL ADR and GENTING SG LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENTING SG LTD and FAST RETAIL 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 FAST RETAIL ADR are associated (or correlated) with GENTING SG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENTING SG LTD has no effect on the direction of FAST RETAIL i.e., FAST RETAIL and GENTING SG go up and down completely randomly.
Pair Corralation between FAST RETAIL and GENTING SG
If you would invest 0.00 in GENTING SG LTD on October 24, 2024 and sell it today you would earn a total of 0.00 from holding GENTING SG LTD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
FAST RETAIL ADR vs. GENTING SG LTD
Performance |
| Timeline |
| FAST RETAIL ADR |
| GENTING SG LTD |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FAST RETAIL and GENTING SG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FAST RETAIL and GENTING SG
The main advantage of trading using opposite FAST RETAIL and GENTING SG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FAST RETAIL position performs unexpectedly, GENTING SG 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 GENTING SG will offset losses from the drop in GENTING SG's long position.| FAST RETAIL vs. Urban Outfitters | FAST RETAIL vs. Corsair Gaming | FAST RETAIL vs. THAI BEVERAGE | FAST RETAIL vs. EBRO FOODS |
| GENTING SG vs. Gold Road Resources | GENTING SG vs. Liberty Broadband | GENTING SG vs. Yuexiu Transport Infrastructure | GENTING SG vs. Texas Roadhouse |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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