Correlation Between OPERADORA and Fluor
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By analyzing existing cross correlation between OPERADORA DE SITES and Fluor, you can compare the effects of market volatilities on OPERADORA and Fluor 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 OPERADORA with a short position of Fluor. Check out your portfolio center. Please also check ongoing floating volatility patterns of OPERADORA and Fluor.
Diversification Opportunities for OPERADORA and Fluor
Good diversification
The 3 months correlation between OPERADORA and Fluor is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding OPERADORA DE SITES and Fluor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluor and OPERADORA 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 OPERADORA DE SITES are associated (or correlated) with Fluor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluor has no effect on the direction of OPERADORA i.e., OPERADORA and Fluor go up and down completely randomly.
Pair Corralation between OPERADORA and Fluor
Assuming the 90 days trading horizon OPERADORA DE SITES is expected to under-perform the Fluor. But the stock apears to be less risky and, when comparing its historical volatility, OPERADORA DE SITES is 1.37 times less risky than Fluor. The stock trades about -0.08 of its potential returns per unit of risk. The Fluor is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 65,599 in Fluor on August 25, 2024 and sell it today you would earn a total of 32,928 from holding Fluor or generate 50.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.56% |
| Values | Daily Returns |
OPERADORA DE SITES vs. Fluor
Performance |
| Timeline |
| OPERADORA DE SITES |
| Fluor |
OPERADORA and Fluor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OPERADORA and Fluor
The main advantage of trading using opposite OPERADORA and Fluor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OPERADORA position performs unexpectedly, Fluor 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 Fluor will offset losses from the drop in Fluor's long position.| OPERADORA vs. Promotora y Operadora | OPERADORA vs. The Select Sector | OPERADORA vs. iShares Global Timber | OPERADORA vs. SPDR Series Trust |
| Fluor vs. Promotora y Operadora | Fluor vs. OPERADORA DE SITES | Fluor vs. The Select Sector | Fluor vs. iShares Global Timber |
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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