Correlation Between Minim and Franklin Wireless
Can any of the company-specific risk be diversified away by investing in both Minim and Franklin Wireless 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 Minim and Franklin Wireless into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Minim Inc and Franklin Wireless Corp, you can compare the effects of market volatilities on Minim and Franklin Wireless 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 Minim with a short position of Franklin Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minim and Franklin Wireless.
Diversification Opportunities for Minim and Franklin Wireless
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Minim and Franklin is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Minim Inc and Franklin Wireless Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Wireless Corp and Minim 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 Minim Inc are associated (or correlated) with Franklin Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Wireless Corp has no effect on the direction of Minim i.e., Minim and Franklin Wireless go up and down completely randomly.
Pair Corralation between Minim and Franklin Wireless
If you would invest 419.00 in Franklin Wireless Corp on August 28, 2024 and sell it today you would earn a total of 11.00 from holding Franklin Wireless Corp or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Minim Inc vs. Franklin Wireless Corp
Performance |
| Timeline |
| Minim Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Franklin Wireless Corp |
Minim and Franklin Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Minim and Franklin Wireless
The main advantage of trading using opposite Minim and Franklin Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minim position performs unexpectedly, Franklin Wireless 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 Wireless will offset losses from the drop in Franklin Wireless' long position.| Minim vs. Frequency Electronics | Minim vs. Amplitech Group | Minim vs. Optical Cable | Minim vs. Mobilicom Limited American |
| Franklin Wireless vs. Wialan Technologies | Franklin Wireless vs. TPT Global Tech | Franklin Wireless vs. Moving iMage Technologies | Franklin Wireless vs. Comtech Telecommunications Corp |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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