Correlation Between Intuitive Machines and FUJIFILM Holdings
Can any of the company-specific risk be diversified away by investing in both Intuitive Machines and FUJIFILM Holdings 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 Intuitive Machines and FUJIFILM Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intuitive Machines and FUJIFILM Holdings, you can compare the effects of market volatilities on Intuitive Machines and FUJIFILM Holdings 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 Intuitive Machines with a short position of FUJIFILM Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuitive Machines and FUJIFILM Holdings.
Diversification Opportunities for Intuitive Machines and FUJIFILM Holdings
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intuitive and FUJIFILM is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Intuitive Machines and FUJIFILM Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FUJIFILM Holdings and Intuitive Machines 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 Intuitive Machines are associated (or correlated) with FUJIFILM Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FUJIFILM Holdings has no effect on the direction of Intuitive Machines i.e., Intuitive Machines and FUJIFILM Holdings go up and down completely randomly.
Pair Corralation between Intuitive Machines and FUJIFILM Holdings
Given the investment horizon of 90 days Intuitive Machines is expected to generate 7.17 times more return on investment than FUJIFILM Holdings. However, Intuitive Machines is 7.17 times more volatile than FUJIFILM Holdings. It trades about 0.29 of its potential returns per unit of risk. FUJIFILM Holdings is currently generating about 0.01 per unit of risk. If you would invest 1,278 in Intuitive Machines on October 20, 2024 and sell it today you would earn a total of 573.00 from holding Intuitive Machines or generate 44.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Intuitive Machines vs. FUJIFILM Holdings
Performance |
| Timeline |
| Intuitive Machines |
| FUJIFILM Holdings |
Intuitive Machines and FUJIFILM Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuitive Machines and FUJIFILM Holdings
The main advantage of trading using opposite Intuitive Machines and FUJIFILM Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuitive Machines position performs unexpectedly, FUJIFILM Holdings 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 FUJIFILM Holdings will offset losses from the drop in FUJIFILM Holdings' long position.| Intuitive Machines vs. Redwire Corp | Intuitive Machines vs. Sidus Space | Intuitive Machines vs. Rocket Lab USA | Intuitive Machines vs. Momentus |
| FUJIFILM Holdings vs. Hitachi Ltd ADR | FUJIFILM Holdings vs. Marubeni Corp ADR | FUJIFILM Holdings vs. Compass Diversified Holdings | FUJIFILM Holdings vs. Honeywell International |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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