Correlation Between Firan Technology and Enbridge Pref
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By analyzing existing cross correlation between Firan Technology Group and Enbridge Pref 13, you can compare the effects of market volatilities on Firan Technology and Enbridge Pref 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 Firan Technology with a short position of Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firan Technology and Enbridge Pref.
Diversification Opportunities for Firan Technology and Enbridge Pref
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Firan and Enbridge is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Firan Technology Group and Enbridge Pref 13 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref 13 and Firan Technology 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 Firan Technology Group are associated (or correlated) with Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref 13 has no effect on the direction of Firan Technology i.e., Firan Technology and Enbridge Pref go up and down completely randomly.
Pair Corralation between Firan Technology and Enbridge Pref
Assuming the 90 days trading horizon Firan Technology Group is expected to under-perform the Enbridge Pref. In addition to that, Firan Technology is 2.1 times more volatile than Enbridge Pref 13. It trades about -0.05 of its total potential returns per unit of risk. Enbridge Pref 13 is currently generating about 0.39 per unit of volatility. If you would invest 1,868 in Enbridge Pref 13 on October 12, 2024 and sell it today you would earn a total of 94.00 from holding Enbridge Pref 13 or generate 5.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Firan Technology Group vs. Enbridge Pref 13
Performance |
| Timeline |
| Firan Technology |
| Enbridge Pref 13 |
Firan Technology and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firan Technology and Enbridge Pref
The main advantage of trading using opposite Firan Technology and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firan Technology position performs unexpectedly, Enbridge Pref 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 Enbridge Pref will offset losses from the drop in Enbridge Pref's long position.| Firan Technology vs. Hammond Power Solutions | Firan Technology vs. Questor Technology | Firan Technology vs. Vecima Networks | Firan Technology vs. Magellan Aerospace |
| Enbridge Pref vs. Firan Technology Group | Enbridge Pref vs. Datable Technology Corp | Enbridge Pref vs. Maple Peak Investments | Enbridge Pref vs. HPQ Silicon Resources |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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