Correlation Between FitLife Brands, and COMCAST
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By analyzing existing cross correlation between FitLife Brands, Common and COMCAST PORATION, you can compare the effects of market volatilities on FitLife Brands, and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and COMCAST.
Diversification Opportunities for FitLife Brands, and COMCAST
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between FitLife and COMCAST is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST PORATION has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and COMCAST go up and down completely randomly.
Pair Corralation between FitLife Brands, and COMCAST
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 4.83 times more return on investment than COMCAST. However, FitLife Brands, is 4.83 times more volatile than COMCAST PORATION. It trades about 0.11 of its potential returns per unit of risk. COMCAST PORATION is currently generating about -0.24 per unit of risk. If you would invest 3,150 in FitLife Brands, Common on August 30, 2024 and sell it today you would earn a total of 211.00 from holding FitLife Brands, Common or generate 6.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.96% |
| Values | Daily Returns |
FitLife Brands, Common vs. COMCAST PORATION
Performance |
| Timeline |
| FitLife Brands, Common |
| COMCAST PORATION |
FitLife Brands, and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and COMCAST
The main advantage of trading using opposite FitLife Brands, and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| FitLife Brands, vs. ELF Beauty | FitLife Brands, vs. Procter Gamble | FitLife Brands, vs. Colgate Palmolive | FitLife Brands, vs. Kenvue Inc |
| COMCAST vs. GoHealth | COMCAST vs. Employers Holdings | COMCAST vs. The Hanover Insurance | COMCAST vs. MGIC Investment Corp |
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 Correlations module to find global opportunities by holding instruments from different markets.
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