Correlation Between Freedom Holding and 406216BG5
Specify exactly 2 symbols:
By analyzing existing cross correlation between Freedom Holding Corp and HALLIBURTON 38 percent, you can compare the effects of market volatilities on Freedom Holding and 406216BG5 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 Freedom Holding with a short position of 406216BG5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freedom Holding and 406216BG5.
Diversification Opportunities for Freedom Holding and 406216BG5
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Freedom and 406216BG5 is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Freedom Holding Corp and HALLIBURTON 38 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 38 percent and Freedom Holding 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 Freedom Holding Corp are associated (or correlated) with 406216BG5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 38 percent has no effect on the direction of Freedom Holding i.e., Freedom Holding and 406216BG5 go up and down completely randomly.
Pair Corralation between Freedom Holding and 406216BG5
Given the investment horizon of 90 days Freedom Holding Corp is expected to generate 5.66 times more return on investment than 406216BG5. However, Freedom Holding is 5.66 times more volatile than HALLIBURTON 38 percent. It trades about 0.1 of its potential returns per unit of risk. HALLIBURTON 38 percent is currently generating about 0.01 per unit of risk. If you would invest 8,326 in Freedom Holding Corp on September 14, 2024 and sell it today you would earn a total of 4,888 from holding Freedom Holding Corp or generate 58.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.8% |
| Values | Daily Returns |
Freedom Holding Corp vs. HALLIBURTON 38 percent
Performance |
| Timeline |
| Freedom Holding Corp |
| HALLIBURTON 38 percent |
Freedom Holding and 406216BG5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freedom Holding and 406216BG5
The main advantage of trading using opposite Freedom Holding and 406216BG5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freedom Holding position performs unexpectedly, 406216BG5 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 406216BG5 will offset losses from the drop in 406216BG5's long position.| Freedom Holding vs. Nomura Holdings ADR | Freedom Holding vs. Scully Royalty | Freedom Holding vs. Oppenheimer Holdings | Freedom Holding vs. Houlihan Lokey |
| 406216BG5 vs. Freedom Holding Corp | 406216BG5 vs. Grupo Televisa SAB | 406216BG5 vs. Alvarium Tiedemann Holdings | 406216BG5 vs. NETGEAR |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |