Correlation Between Fubotv and NFT
Can any of the company-specific risk be diversified away by investing in both Fubotv and NFT 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 Fubotv and NFT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fubotv Inc and NFT Limited, you can compare the effects of market volatilities on Fubotv and NFT 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 Fubotv with a short position of NFT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fubotv and NFT.
Diversification Opportunities for Fubotv and NFT
Excellent diversification
The 3 months correlation between Fubotv and NFT is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Fubotv Inc and NFT Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NFT Limited and Fubotv 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 Fubotv Inc are associated (or correlated) with NFT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NFT Limited has no effect on the direction of Fubotv i.e., Fubotv and NFT go up and down completely randomly.
Pair Corralation between Fubotv and NFT
Given the investment horizon of 90 days Fubotv Inc is expected to generate 1.99 times more return on investment than NFT. However, Fubotv is 1.99 times more volatile than NFT Limited. It trades about 0.09 of its potential returns per unit of risk. NFT Limited is currently generating about 0.06 per unit of risk. If you would invest 165.00 in Fubotv Inc on November 2, 2024 and sell it today you would earn a total of 247.00 from holding Fubotv Inc or generate 149.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fubotv Inc vs. NFT Limited
Performance |
| Timeline |
| Fubotv Inc |
| NFT Limited |
Fubotv and NFT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fubotv and NFT
The main advantage of trading using opposite Fubotv and NFT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fubotv position performs unexpectedly, NFT 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 NFT will offset losses from the drop in NFT's long position.| Fubotv vs. Cumulus Media Class | Fubotv vs. iHeartMedia Class A | Fubotv vs. Gray Television | Fubotv vs. E W Scripps |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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