Correlation Between Fintech Select and Lite Access
Can any of the company-specific risk be diversified away by investing in both Fintech Select and Lite Access 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 Fintech Select and Lite Access into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fintech Select and Lite Access Technologies, you can compare the effects of market volatilities on Fintech Select and Lite Access 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 Fintech Select with a short position of Lite Access. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fintech Select and Lite Access.
Diversification Opportunities for Fintech Select and Lite Access
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fintech and Lite is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fintech Select and Lite Access Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lite Access Technologies and Fintech Select 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 Fintech Select are associated (or correlated) with Lite Access. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lite Access Technologies has no effect on the direction of Fintech Select i.e., Fintech Select and Lite Access go up and down completely randomly.
Pair Corralation between Fintech Select and Lite Access
If you would invest 2.00 in Fintech Select on August 25, 2024 and sell it today you would earn a total of 2.00 from holding Fintech Select or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.73% |
| Values | Daily Returns |
Fintech Select vs. Lite Access Technologies
Performance |
| Timeline |
| Fintech Select |
| Lite Access Technologies |
Fintech Select and Lite Access Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fintech Select and Lite Access
The main advantage of trading using opposite Fintech Select and Lite Access positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fintech Select position performs unexpectedly, Lite Access 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 Lite Access will offset losses from the drop in Lite Access' long position.| Fintech Select vs. LeoNovus | Fintech Select vs. Identillect Technologies Corp | Fintech Select vs. Datametrex AI |
| Lite Access vs. Current Water Technologies | Lite Access vs. Sparta Capital | Lite Access vs. Fintech Select | Lite Access vs. iShares Canadian HYBrid |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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