Correlation Between FitLife Brands, and SANDS
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By analyzing existing cross correlation between FitLife Brands, Common and SANDS CHINA LTD, you can compare the effects of market volatilities on FitLife Brands, and SANDS 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 SANDS. Check out your portfolio center. Please also check ongoing floating volatility patterns of FitLife Brands, and SANDS.
Diversification Opportunities for FitLife Brands, and SANDS
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between FitLife and SANDS is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding FitLife Brands, Common and SANDS CHINA LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANDS CHINA LTD 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 SANDS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANDS CHINA LTD has no effect on the direction of FitLife Brands, i.e., FitLife Brands, and SANDS go up and down completely randomly.
Pair Corralation between FitLife Brands, and SANDS
Given the investment horizon of 90 days FitLife Brands, Common is expected to generate 8.62 times more return on investment than SANDS. However, FitLife Brands, is 8.62 times more volatile than SANDS CHINA LTD. It trades about 0.15 of its potential returns per unit of risk. SANDS CHINA LTD is currently generating about -0.19 per unit of risk. If you would invest 3,125 in FitLife Brands, Common on August 29, 2024 and sell it today you would earn a total of 285.00 from holding FitLife Brands, Common or generate 9.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
FitLife Brands, Common vs. SANDS CHINA LTD
Performance |
| Timeline |
| FitLife Brands, Common |
| SANDS CHINA LTD |
FitLife Brands, and SANDS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FitLife Brands, and SANDS
The main advantage of trading using opposite FitLife Brands, and SANDS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FitLife Brands, position performs unexpectedly, SANDS 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 SANDS will offset losses from the drop in SANDS's long position.| FitLife Brands, vs. Hims Hers Health | FitLife Brands, vs. Procter Gamble | FitLife Brands, vs. Kimberly Clark | FitLife Brands, vs. Colgate Palmolive |
| SANDS vs. AerSale Corp | SANDS vs. Daily Journal Corp | SANDS vs. Zane Interactive Publishing | SANDS vs. Alaska Air Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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