Correlation Between FitLife Brands, and Condor Resources
Can any of the company-specific risk be diversified away by investing in both FitLife Brands, and Condor Resources 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 Condor Resources 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 Condor Resources, you can compare the effects of market volatilities on FitLife Brands, and Condor Resources 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 Condor Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and Condor Resources.
Diversification Opportunities for FitLife Brands, and Condor Resources
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between FitLife and Condor is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and Condor Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Condor Resources 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 Condor Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Condor Resources has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and Condor Resources go up and down completely randomly.
Pair Corralation between FitLife Brands, and Condor Resources
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 0.39 times more return on investment than Condor Resources. However, FitLife Brands, Common is 2.53 times less risky than Condor Resources. It trades about 0.04 of its potential returns per unit of risk. Condor Resources is currently generating about -0.01 per unit of risk. If you would invest 2,988 in FitLife Brands, Common on September 12, 2024 and sell it today you would earn a total of 246.00 from holding FitLife Brands, Common or generate 8.23% 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. Condor Resources
Performance |
| Timeline |
| FitLife Brands, Common |
| Condor Resources |
FitLife Brands, and Condor Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and Condor Resources
The main advantage of trading using opposite FitLife Brands, and Condor Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, Condor Resources 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 Condor Resources will offset losses from the drop in Condor Resources' long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| Condor Resources vs. Sapiens International | Condor Resources vs. SmartStop Self Storage | Condor Resources vs. The Gap, | Condor Resources vs. Vera Bradley |
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 Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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