Correlation Between Raketech Group and Filo Mining
Can any of the company-specific risk be diversified away by investing in both Raketech Group and Filo Mining 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 Raketech Group and Filo Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Raketech Group Holding and Filo Mining Corp, you can compare the effects of market volatilities on Raketech Group and Filo Mining 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 Raketech Group with a short position of Filo Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Raketech Group and Filo Mining.
Diversification Opportunities for Raketech Group and Filo Mining
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Raketech and Filo is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Raketech Group Holding and Filo Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Filo Mining Corp and Raketech Group 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 Raketech Group Holding are associated (or correlated) with Filo Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Filo Mining Corp has no effect on the direction of Raketech Group i.e., Raketech Group and Filo Mining go up and down completely randomly.
Pair Corralation between Raketech Group and Filo Mining
Assuming the 90 days trading horizon Raketech Group Holding is expected to under-perform the Filo Mining. In addition to that, Raketech Group is 7.16 times more volatile than Filo Mining Corp. It trades about -0.25 of its total potential returns per unit of risk. Filo Mining Corp is currently generating about 0.11 per unit of volatility. If you would invest 24,600 in Filo Mining Corp on September 1, 2024 and sell it today you would earn a total of 550.00 from holding Filo Mining Corp or generate 2.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Raketech Group Holding vs. Filo Mining Corp
Performance |
| Timeline |
| Raketech Group Holding |
| Filo Mining Corp |
Raketech Group and Filo Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Raketech Group and Filo Mining
The main advantage of trading using opposite Raketech Group and Filo Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Raketech Group position performs unexpectedly, Filo Mining 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 Filo Mining will offset losses from the drop in Filo Mining's long position.| Raketech Group vs. Adventure Box Technology | Raketech Group vs. Enorama Pharma AB | Raketech Group vs. KABE Group AB | Raketech Group vs. IAR Systems Group |
| Filo Mining vs. White Pearl Technology | Filo Mining vs. Nordic Asia Investment | Filo Mining vs. MTI Investment SE | Filo Mining vs. FormPipe Software AB |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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