Correlation Between FitLife Brands, and First Citizens
Can any of the company-specific risk be diversified away by investing in both FitLife Brands, and First Citizens 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 First Citizens 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 The First Citizens, you can compare the effects of market volatilities on FitLife Brands, and First Citizens 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 First Citizens. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and First Citizens.
Diversification Opportunities for FitLife Brands, and First Citizens
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FitLife and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and The First Citizens in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Citizens 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 First Citizens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Citizens has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and First Citizens go up and down completely randomly.
Pair Corralation between FitLife Brands, and First Citizens
If you would invest 3,165 in FitLife Brands, Common on September 1, 2024 and sell it today you would earn a total of 208.00 from holding FitLife Brands, Common or generate 6.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
FitLife Brands, Common vs. The First Citizens
Performance |
| Timeline |
| FitLife Brands, Common |
| First Citizens |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FitLife Brands, and First Citizens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and First Citizens
The main advantage of trading using opposite FitLife Brands, and First Citizens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, First Citizens 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 First Citizens will offset losses from the drop in First Citizens' long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| First Citizens vs. JD Sports Fashion | First Citizens vs. Beyond Meat | First Citizens vs. FitLife Brands, Common | First Citizens vs. Playa Hotels Resorts |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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