Correlation Between FitLife Brands, and Fortescue
Specify exactly 2 symbols:
By analyzing existing cross correlation between FitLife Brands, Common and Fortescue Metals Group, you can compare the effects of market volatilities on FitLife Brands, and Fortescue 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 Fortescue. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and Fortescue.
Diversification Opportunities for FitLife Brands, and Fortescue
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FitLife and Fortescue is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and Fortescue Metals Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortescue Metals 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 Fortescue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortescue Metals has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and Fortescue go up and down completely randomly.
Pair Corralation between FitLife Brands, and Fortescue
Given the investment horizon of 90 days FitLife Brands, is expected to generate 22.32 times less return on investment than Fortescue. But when comparing it to its historical volatility, FitLife Brands, Common is 26.84 times less risky than Fortescue. It trades about 0.08 of its potential returns per unit of risk. Fortescue Metals Group is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 9,455 in Fortescue Metals Group on August 31, 2024 and sell it today you would earn a total of 147.00 from holding Fortescue Metals Group or generate 1.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 89.78% |
| Values | Daily Returns |
FitLife Brands, Common vs. Fortescue Metals Group
Performance |
| Timeline |
| FitLife Brands, Common |
| Fortescue Metals |
FitLife Brands, and Fortescue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and Fortescue
The main advantage of trading using opposite FitLife Brands, and Fortescue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, Fortescue 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 Fortescue will offset losses from the drop in Fortescue's long position.| FitLife Brands, vs. Noble Romans | FitLife Brands, vs. Greystone Logistics | FitLife Brands, vs. Innovative Food Hldg | FitLife Brands, vs. Galaxy Gaming |
| Fortescue vs. Centessa Pharmaceuticals PLC | Fortescue vs. Silo Pharma | Fortescue vs. The Gap, | Fortescue vs. Inhibrx |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stocks Directory Find actively traded stocks across global markets |