Correlation Between Future Park and Fine Metal
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By analyzing existing cross correlation between Future Park Leasehold and Fine Metal Technologies, you can compare the effects of market volatilities on Future Park and Fine Metal 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 Future Park with a short position of Fine Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Future Park and Fine Metal.
Diversification Opportunities for Future Park and Fine Metal
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Future and Fine is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Future Park Leasehold and Fine Metal Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fine Metal Technologies and Future Park 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 Future Park Leasehold are associated (or correlated) with Fine Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fine Metal Technologies has no effect on the direction of Future Park i.e., Future Park and Fine Metal go up and down completely randomly.
Pair Corralation between Future Park and Fine Metal
Assuming the 90 days trading horizon Future Park Leasehold is expected to under-perform the Fine Metal. In addition to that, Future Park is 9.1 times more volatile than Fine Metal Technologies. It trades about -0.22 of its total potential returns per unit of risk. Fine Metal Technologies is currently generating about -0.03 per unit of volatility. If you would invest 3,400 in Fine Metal Technologies on September 4, 2024 and sell it today you would lose (75.00) from holding Fine Metal Technologies or give up 2.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Future Park Leasehold vs. Fine Metal Technologies
Performance |
| Timeline |
| Future Park Leasehold |
| Fine Metal Technologies |
Future Park and Fine Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Future Park and Fine Metal
The main advantage of trading using opposite Future Park and Fine Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Future Park position performs unexpectedly, Fine Metal 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 Fine Metal will offset losses from the drop in Fine Metal's long position.| Future Park vs. Fine Metal Technologies | Future Park vs. NAT ABSOLUTE TECHNOLOGIES | Future Park vs. Qualitech Public | Future Park vs. Techno Medical Public |
| Fine Metal vs. GFPT Public | Fine Metal vs. Kulthorn Kirby Public | Fine Metal vs. Chumporn Palm Oil | Fine Metal vs. Haad Thip Public |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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