Correlation Between FitLife Brands, and Pingtan Marine
Can any of the company-specific risk be diversified away by investing in both FitLife Brands, and Pingtan Marine 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 Pingtan Marine 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 Pingtan Marine Enterprise, you can compare the effects of market volatilities on FitLife Brands, and Pingtan Marine 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 Pingtan Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and Pingtan Marine.
Diversification Opportunities for FitLife Brands, and Pingtan Marine
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between FitLife and Pingtan is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and Pingtan Marine Enterprise in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pingtan Marine Enterprise 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 Pingtan Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pingtan Marine Enterprise has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and Pingtan Marine go up and down completely randomly.
Pair Corralation between FitLife Brands, and Pingtan Marine
If you would invest 27.00 in Pingtan Marine Enterprise on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Pingtan Marine Enterprise or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
FitLife Brands, Common vs. Pingtan Marine Enterprise
Performance |
| Timeline |
| FitLife Brands, Common |
| Pingtan Marine Enterprise |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FitLife Brands, and Pingtan Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and Pingtan Marine
The main advantage of trading using opposite FitLife Brands, and Pingtan Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, Pingtan Marine 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 Pingtan Marine will offset losses from the drop in Pingtan Marine's long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| Pingtan Marine vs. CenterPoint Energy | Pingtan Marine vs. NETGEAR | Pingtan Marine vs. Allient | Pingtan Marine vs. Antero Midstream Partners |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |