Correlation Between First Ship and 872540AQ2
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By analyzing existing cross correlation between First Ship Lease and TJX INC NEW, you can compare the effects of market volatilities on First Ship and 872540AQ2 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 First Ship with a short position of 872540AQ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Ship and 872540AQ2.
Diversification Opportunities for First Ship and 872540AQ2
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between First and 872540AQ2 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding First Ship Lease and TJX INC NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TJX INC NEW and First Ship 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 First Ship Lease are associated (or correlated) with 872540AQ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TJX INC NEW has no effect on the direction of First Ship i.e., First Ship and 872540AQ2 go up and down completely randomly.
Pair Corralation between First Ship and 872540AQ2
If you would invest 4.00 in First Ship Lease on August 31, 2024 and sell it today you would earn a total of 0.00 from holding First Ship Lease or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
First Ship Lease vs. TJX INC NEW
Performance |
| Timeline |
| First Ship Lease |
| TJX INC NEW |
First Ship and 872540AQ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Ship and 872540AQ2
The main advantage of trading using opposite First Ship and 872540AQ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Ship position performs unexpectedly, 872540AQ2 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 872540AQ2 will offset losses from the drop in 872540AQ2's long position.| First Ship vs. United Rentals | First Ship vs. Ashtead Gro | First Ship vs. Ashtead Group plc | First Ship vs. AerCap Holdings NV |
| 872540AQ2 vs. First Ship Lease | 872540AQ2 vs. KNOT Offshore Partners | 872540AQ2 vs. Perseus Mining Limited | 872540AQ2 vs. WT Offshore |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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