Correlation Between Intel and FEDEX
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By analyzing existing cross correlation between Intel and FEDEX P 405, you can compare the effects of market volatilities on Intel and FEDEX 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 Intel with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and FEDEX.
Diversification Opportunities for Intel and FEDEX
Very good diversification
The 3 months correlation between Intel and FEDEX is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Intel and FEDEX P 405 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 405 and Intel 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 Intel are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 405 has no effect on the direction of Intel i.e., Intel and FEDEX go up and down completely randomly.
Pair Corralation between Intel and FEDEX
Given the investment horizon of 90 days Intel is expected to under-perform the FEDEX. In addition to that, Intel is 3.02 times more volatile than FEDEX P 405. It trades about -0.03 of its total potential returns per unit of risk. FEDEX P 405 is currently generating about -0.03 per unit of volatility. If you would invest 7,735 in FEDEX P 405 on September 1, 2024 and sell it today you would lose (446.00) from holding FEDEX P 405 or give up 5.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.03% |
| Values | Daily Returns |
Intel vs. FEDEX P 405
Performance |
| Timeline |
| Intel |
| FEDEX P 405 |
Intel and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and FEDEX
The main advantage of trading using opposite Intel and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
| FEDEX vs. Chipotle Mexican Grill | FEDEX vs. Dennys Corp | FEDEX vs. Weibo Corp | FEDEX vs. The Cheesecake Factory |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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