Correlation Between International Media and Franklin Street
Can any of the company-specific risk be diversified away by investing in both International Media and Franklin Street 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 International Media and Franklin Street into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between International Media Acquisition and Franklin Street Properties, you can compare the effects of market volatilities on International Media and Franklin Street 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 International Media with a short position of Franklin Street. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Media and Franklin Street.
Diversification Opportunities for International Media and Franklin Street
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between International and Franklin is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding International Media Acquisitio and Franklin Street Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Street Prop and International Media 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 International Media Acquisition are associated (or correlated) with Franklin Street. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Street Prop has no effect on the direction of International Media i.e., International Media and Franklin Street go up and down completely randomly.
Pair Corralation between International Media and Franklin Street
If you would invest 180.00 in Franklin Street Properties on August 28, 2024 and sell it today you would earn a total of 12.00 from holding Franklin Street Properties or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
International Media Acquisitio vs. Franklin Street Properties
Performance |
| Timeline |
| International Media |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Franklin Street Prop |
International Media and Franklin Street Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Media and Franklin Street
The main advantage of trading using opposite International Media and Franklin Street positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Media position performs unexpectedly, Franklin Street 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 Franklin Street will offset losses from the drop in Franklin Street's long position.| International Media vs. Franklin Street Properties | International Media vs. Sonida Senior Living | International Media vs. Hudson Pacific Properties | International Media vs. RadNet Inc |
| Franklin Street vs. Equity Commonwealth | Franklin Street vs. Cousins Properties Incorporated | Franklin Street vs. Creative Media Community | Franklin Street vs. Highwoods Properties |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |