Correlation Between FNB ETN and FNB ETN
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By analyzing existing cross correlation between FNB ETN on and FNB ETN JPMORGQ, you can compare the effects of market volatilities on FNB ETN and FNB ETN 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 FNB ETN with a short position of FNB ETN. Check out your portfolio center. Please also check ongoing floating volatility patterns of FNB ETN and FNB ETN.
Diversification Opportunities for FNB ETN and FNB ETN
Poor diversification
The 3 months correlation between FNB and FNB is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding FNB ETN on and FNB ETN JPMORGQ in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FNB ETN JPMORGQ and FNB ETN 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 FNB ETN on are associated (or correlated) with FNB ETN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FNB ETN JPMORGQ has no effect on the direction of FNB ETN i.e., FNB ETN and FNB ETN go up and down completely randomly.
Pair Corralation between FNB ETN and FNB ETN
Assuming the 90 days trading horizon FNB ETN is expected to generate 1.88 times less return on investment than FNB ETN. But when comparing it to its historical volatility, FNB ETN on is 1.44 times less risky than FNB ETN. It trades about 0.15 of its potential returns per unit of risk. FNB ETN JPMORGQ is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 231,400 in FNB ETN JPMORGQ on September 3, 2024 and sell it today you would earn a total of 33,400 from holding FNB ETN JPMORGQ or generate 14.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.22% |
| Values | Daily Returns |
FNB ETN on vs. FNB ETN JPMORGQ
Performance |
| Timeline |
| FNB ETN on |
| FNB ETN JPMORGQ |
FNB ETN and FNB ETN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FNB ETN and FNB ETN
The main advantage of trading using opposite FNB ETN and FNB ETN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FNB ETN position performs unexpectedly, FNB ETN 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 FNB ETN will offset losses from the drop in FNB ETN's long position.| FNB ETN vs. Sasol Ltd Bee | FNB ETN vs. Centaur Bci Balanced | FNB ETN vs. Sabvest Capital | FNB ETN vs. Growthpoint Properties |
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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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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