Correlation Between Freedom Holding and WALGREENS
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By analyzing existing cross correlation between Freedom Holding Corp and WALGREENS BOOTS ALLIANCE, you can compare the effects of market volatilities on Freedom Holding and WALGREENS 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 WALGREENS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freedom Holding and WALGREENS.
Diversification Opportunities for Freedom Holding and WALGREENS
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Freedom and WALGREENS is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Freedom Holding Corp and WALGREENS BOOTS ALLIANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WALGREENS BOOTS ALLIANCE 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 WALGREENS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WALGREENS BOOTS ALLIANCE has no effect on the direction of Freedom Holding i.e., Freedom Holding and WALGREENS go up and down completely randomly.
Pair Corralation between Freedom Holding and WALGREENS
If you would invest 6,019 in Freedom Holding Corp on August 28, 2024 and sell it today you would earn a total of 5,791 from holding Freedom Holding Corp or generate 96.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Freedom Holding Corp vs. WALGREENS BOOTS ALLIANCE
Performance |
| Timeline |
| Freedom Holding Corp |
| WALGREENS BOOTS ALLIANCE |
Freedom Holding and WALGREENS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freedom Holding and WALGREENS
The main advantage of trading using opposite Freedom Holding and WALGREENS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freedom Holding position performs unexpectedly, WALGREENS 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 WALGREENS will offset losses from the drop in WALGREENS's long position.| Freedom Holding vs. Visa Class A | Freedom Holding vs. Diamond Hill Investment | Freedom Holding vs. Distoken Acquisition | Freedom Holding vs. AllianceBernstein Holding LP |
| WALGREENS vs. Barrick Gold Corp | WALGREENS vs. Paiute Oil Mining | WALGREENS vs. Minerals Technologies | WALGREENS vs. Harmony Gold Mining |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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