Correlation Between FIH MOBILE and ALLFUNDS GROUP
Can any of the company-specific risk be diversified away by investing in both FIH MOBILE and ALLFUNDS GROUP 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 FIH MOBILE and ALLFUNDS GROUP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FIH MOBILE and ALLFUNDS GROUP EO 0025, you can compare the effects of market volatilities on FIH MOBILE and ALLFUNDS GROUP 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 FIH MOBILE with a short position of ALLFUNDS GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIH MOBILE and ALLFUNDS GROUP.
Diversification Opportunities for FIH MOBILE and ALLFUNDS GROUP
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FIH and ALLFUNDS is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding FIH MOBILE and ALLFUNDS GROUP EO 0025 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALLFUNDS GROUP EO and FIH MOBILE 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 FIH MOBILE are associated (or correlated) with ALLFUNDS GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALLFUNDS GROUP EO has no effect on the direction of FIH MOBILE i.e., FIH MOBILE and ALLFUNDS GROUP go up and down completely randomly.
Pair Corralation between FIH MOBILE and ALLFUNDS GROUP
Assuming the 90 days trading horizon FIH MOBILE is expected to under-perform the ALLFUNDS GROUP. In addition to that, FIH MOBILE is 2.65 times more volatile than ALLFUNDS GROUP EO 0025. It trades about -0.21 of its total potential returns per unit of risk. ALLFUNDS GROUP EO 0025 is currently generating about -0.05 per unit of volatility. If you would invest 503.00 in ALLFUNDS GROUP EO 0025 on November 3, 2024 and sell it today you would lose (11.00) from holding ALLFUNDS GROUP EO 0025 or give up 2.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIH MOBILE vs. ALLFUNDS GROUP EO 0025
Performance |
| Timeline |
| FIH MOBILE |
| ALLFUNDS GROUP EO |
FIH MOBILE and ALLFUNDS GROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIH MOBILE and ALLFUNDS GROUP
The main advantage of trading using opposite FIH MOBILE and ALLFUNDS GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIH MOBILE position performs unexpectedly, ALLFUNDS GROUP 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 ALLFUNDS GROUP will offset losses from the drop in ALLFUNDS GROUP's long position.| FIH MOBILE vs. SIVERS SEMICONDUCTORS AB | FIH MOBILE vs. NorAm Drilling AS | FIH MOBILE vs. Volkswagen AG | FIH MOBILE vs. Darden Restaurants |
| ALLFUNDS GROUP vs. Blackstone Group | ALLFUNDS GROUP vs. The Bank of | ALLFUNDS GROUP vs. Ameriprise Financial | ALLFUNDS GROUP vs. State Street |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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