Correlation Between Franklin Street and 98877DAC9
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By analyzing existing cross correlation between Franklin Street Properties and ZF North America, you can compare the effects of market volatilities on Franklin Street and 98877DAC9 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 Franklin Street with a short position of 98877DAC9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Street and 98877DAC9.
Diversification Opportunities for Franklin Street and 98877DAC9
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Franklin and 98877DAC9 is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Street Properties and ZF North America in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZF North America and Franklin Street 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 Franklin Street Properties are associated (or correlated) with 98877DAC9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZF North America has no effect on the direction of Franklin Street i.e., Franklin Street and 98877DAC9 go up and down completely randomly.
Pair Corralation between Franklin Street and 98877DAC9
Considering the 90-day investment horizon Franklin Street Properties is expected to under-perform the 98877DAC9. In addition to that, Franklin Street is 1.9 times more volatile than ZF North America. It trades about -0.1 of its total potential returns per unit of risk. ZF North America is currently generating about -0.09 per unit of volatility. If you would invest 9,958 in ZF North America on September 5, 2024 and sell it today you would lose (186.00) from holding ZF North America or give up 1.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
Franklin Street Properties vs. ZF North America
Performance |
| Timeline |
| Franklin Street Prop |
| ZF North America |
Franklin Street and 98877DAC9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Street and 98877DAC9
The main advantage of trading using opposite Franklin Street and 98877DAC9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Street position performs unexpectedly, 98877DAC9 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 98877DAC9 will offset losses from the drop in 98877DAC9's long position.| Franklin Street vs. Equity Commonwealth | Franklin Street vs. Cousins Properties Incorporated | Franklin Street vs. Creative Media Community | Franklin Street vs. Highwoods Properties |
| 98877DAC9 vs. Franklin Street Properties | 98877DAC9 vs. CECO Environmental Corp | 98877DAC9 vs. Tandy Leather Factory | 98877DAC9 vs. Bassett Furniture Industries |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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