Correlation Between FitLife Brands, and KORE Group
Can any of the company-specific risk be diversified away by investing in both FitLife Brands, and KORE Group 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 KORE Group 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 KORE Group Holdings, you can compare the effects of market volatilities on FitLife Brands, and KORE Group 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 KORE Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and KORE Group.
Diversification Opportunities for FitLife Brands, and KORE Group
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between FitLife and KORE is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and KORE Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KORE Group Holdings 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 KORE Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KORE Group Holdings has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and KORE Group go up and down completely randomly.
Pair Corralation between FitLife Brands, and KORE Group
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 0.43 times more return on investment than KORE Group. However, FitLife Brands, Common is 2.3 times less risky than KORE Group. It trades about 0.07 of its potential returns per unit of risk. KORE Group Holdings is currently generating about -0.07 per unit of risk. If you would invest 3,125 in FitLife Brands, Common on August 27, 2024 and sell it today you would earn a total of 105.00 from holding FitLife Brands, Common or generate 3.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FitLife Brands, Common vs. KORE Group Holdings
Performance |
| Timeline |
| FitLife Brands, Common |
| KORE Group Holdings |
FitLife Brands, and KORE Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and KORE Group
The main advantage of trading using opposite FitLife Brands, and KORE Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, KORE Group 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 KORE Group will offset losses from the drop in KORE Group's long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| KORE Group vs. Liberty Broadband Srs | KORE Group vs. Ribbon Communications | KORE Group vs. Liberty Broadband Srs | KORE Group vs. Shenandoah Telecommunications Co |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |