Correlation Between Nayax and FUJIFILM Holdings
Can any of the company-specific risk be diversified away by investing in both Nayax 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 Nayax and FUJIFILM Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nayax and FUJIFILM Holdings, you can compare the effects of market volatilities on Nayax 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 Nayax with a short position of FUJIFILM Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nayax and FUJIFILM Holdings.
Diversification Opportunities for Nayax and FUJIFILM Holdings
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Nayax and FUJIFILM is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Nayax and FUJIFILM Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FUJIFILM Holdings and Nayax 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 Nayax 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 Nayax i.e., Nayax and FUJIFILM Holdings go up and down completely randomly.
Pair Corralation between Nayax and FUJIFILM Holdings
Given the investment horizon of 90 days Nayax is expected to generate 2.37 times more return on investment than FUJIFILM Holdings. However, Nayax is 2.37 times more volatile than FUJIFILM Holdings. It trades about 0.55 of its potential returns per unit of risk. FUJIFILM Holdings is currently generating about 0.01 per unit of risk. If you would invest 2,751 in Nayax on October 20, 2024 and sell it today you would earn a total of 817.00 from holding Nayax or generate 29.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Nayax vs. FUJIFILM Holdings
Performance |
| Timeline |
| Nayax |
| FUJIFILM Holdings |
Nayax and FUJIFILM Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nayax and FUJIFILM Holdings
The main advantage of trading using opposite Nayax and FUJIFILM Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nayax 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.| Nayax vs. The Hackett Group | Nayax vs. CSP Inc | Nayax vs. Formula Systems 1985 | Nayax vs. Information Services Group |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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