Correlation Between FitLife Brands, and Citizens Bancorp
Can any of the company-specific risk be diversified away by investing in both FitLife Brands, and Citizens Bancorp 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 FitLife Brands, and Citizens Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FitLife Brands, Common and Citizens Bancorp Investment, you can compare the effects of market volatilities on FitLife Brands, and Citizens Bancorp 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 FitLife Brands, with a short position of Citizens Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and Citizens Bancorp.
Diversification Opportunities for FitLife Brands, and Citizens Bancorp
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between FitLife and Citizens is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and Citizens Bancorp Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citizens Bancorp Inv and FitLife Brands, 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 FitLife Brands, Common are associated (or correlated) with Citizens Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citizens Bancorp Inv has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and Citizens Bancorp go up and down completely randomly.
Pair Corralation between FitLife Brands, and Citizens Bancorp
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 1.18 times more return on investment than Citizens Bancorp. However, FitLife Brands, is 1.18 times more volatile than Citizens Bancorp Investment. It trades about 0.12 of its potential returns per unit of risk. Citizens Bancorp Investment is currently generating about 0.09 per unit of risk. If you would invest 3,142 in FitLife Brands, Common on August 31, 2024 and sell it today you would earn a total of 219.00 from holding FitLife Brands, Common or generate 6.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FitLife Brands, Common vs. Citizens Bancorp Investment
Performance |
| Timeline |
| FitLife Brands, Common |
| Citizens Bancorp Inv |
FitLife Brands, and Citizens Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and Citizens Bancorp
The main advantage of trading using opposite FitLife Brands, and Citizens Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, Citizens Bancorp 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 Citizens Bancorp will offset losses from the drop in Citizens Bancorp's long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| Citizens Bancorp vs. Greenville Federal Financial | Citizens Bancorp vs. First Ottawa Bancshares | Citizens Bancorp vs. Coastal Carolina Bancshares | Citizens Bancorp vs. First Bankers Trustshares |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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