Correlation Between FitLife Brands, and APPLE
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By analyzing existing cross correlation between FitLife Brands, Common and APPLE INC 245, you can compare the effects of market volatilities on FitLife Brands, and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and APPLE.
Diversification Opportunities for FitLife Brands, and APPLE
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between FitLife and APPLE is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and APPLE go up and down completely randomly.
Pair Corralation between FitLife Brands, and APPLE
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 8.49 times more return on investment than APPLE. However, FitLife Brands, is 8.49 times more volatile than APPLE INC 245. It trades about 0.07 of its potential returns per unit of risk. APPLE INC 245 is currently generating about 0.01 per unit of risk. If you would invest 1,650 in FitLife Brands, Common on September 5, 2024 and sell it today you would earn a total of 1,648 from holding FitLife Brands, Common or generate 99.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FitLife Brands, Common vs. APPLE INC 245
Performance |
| Timeline |
| FitLife Brands, Common |
| APPLE INC 245 |
FitLife Brands, and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and APPLE
The main advantage of trading using opposite FitLife Brands, and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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