Correlation Between Home Depot and FMGAU
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By analyzing existing cross correlation between Home Depot and FMGAU 6125 15 APR 32, you can compare the effects of market volatilities on Home Depot and FMGAU 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 Home Depot with a short position of FMGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Home Depot and FMGAU.
Diversification Opportunities for Home Depot and FMGAU
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Home and FMGAU is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Home Depot and FMGAU 6125 15 APR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FMGAU 6125 15 and Home Depot 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 Home Depot are associated (or correlated) with FMGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FMGAU 6125 15 has no effect on the direction of Home Depot i.e., Home Depot and FMGAU go up and down completely randomly.
Pair Corralation between Home Depot and FMGAU
If you would invest 31,837 in Home Depot on September 2, 2024 and sell it today you would earn a total of 11,076 from holding Home Depot or generate 34.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Home Depot vs. FMGAU 6125 15 APR 32
Performance |
| Timeline |
| Home Depot |
| FMGAU 6125 15 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Home Depot and FMGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Home Depot and FMGAU
The main advantage of trading using opposite Home Depot and FMGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Home Depot position performs unexpectedly, FMGAU 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 FMGAU will offset losses from the drop in FMGAU's long position.| Home Depot vs. Floor Decor Holdings | Home Depot vs. Arhaus Inc | Home Depot vs. Haverty Furniture Companies | Home Depot vs. Lowes Companies |
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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