Correlation Between Direxion Daily and Franklin Floating
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By analyzing existing cross correlation between Direxion Daily Mid and Franklin Floating Rate, you can compare the effects of market volatilities on Direxion Daily and Franklin Floating 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 Direxion Daily with a short position of Franklin Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Direxion Daily and Franklin Floating.
Diversification Opportunities for Direxion Daily and Franklin Floating
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Direxion and Franklin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Mid and Franklin Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Floating Rate and Direxion Daily 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 Direxion Daily Mid are associated (or correlated) with Franklin Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Floating Rate has no effect on the direction of Direxion Daily i.e., Direxion Daily and Franklin Floating go up and down completely randomly.
Pair Corralation between Direxion Daily and Franklin Floating
If you would invest (100.00) in Franklin Floating Rate on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Franklin Floating Rate or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Direxion Daily Mid vs. Franklin Floating Rate
Performance |
| Timeline |
| Direxion Daily Mid |
| Franklin Floating Rate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Direxion Daily and Franklin Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Direxion Daily and Franklin Floating
The main advantage of trading using opposite Direxion Daily and Franklin Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Direxion Daily position performs unexpectedly, Franklin Floating 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 Floating will offset losses from the drop in Franklin Floating's long position.| Direxion Daily vs. Direxion Daily Retail | Direxion Daily vs. Direxion Daily Industrials | Direxion Daily vs. Direxion Daily Transportation | Direxion Daily vs. Direxion Daily FTSE |
| Franklin Floating vs. Nordea 1 | Franklin Floating vs. DNB Norge Selektiv | Franklin Floating vs. Handelsbanken Emerging Markets | Franklin Floating vs. KLP AksjeNorge Indeks |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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