Correlation Between Tuttle Capital and FLEX LNG
Can any of the company-specific risk be diversified away by investing in both Tuttle Capital and FLEX LNG 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 Tuttle Capital and FLEX LNG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tuttle Capital Management and FLEX LNG, you can compare the effects of market volatilities on Tuttle Capital and FLEX LNG 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 Tuttle Capital with a short position of FLEX LNG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tuttle Capital and FLEX LNG.
Diversification Opportunities for Tuttle Capital and FLEX LNG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tuttle and FLEX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tuttle Capital Management and FLEX LNG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FLEX LNG and Tuttle Capital 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 Tuttle Capital Management are associated (or correlated) with FLEX LNG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FLEX LNG has no effect on the direction of Tuttle Capital i.e., Tuttle Capital and FLEX LNG go up and down completely randomly.
Pair Corralation between Tuttle Capital and FLEX LNG
If you would invest 2,647 in FLEX LNG on November 9, 2024 and sell it today you would lose (136.00) from holding FLEX LNG or give up 5.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Tuttle Capital Management vs. FLEX LNG
Performance |
| Timeline |
| Tuttle Capital Management |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| FLEX LNG |
Tuttle Capital and FLEX LNG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tuttle Capital and FLEX LNG
The main advantage of trading using opposite Tuttle Capital and FLEX LNG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tuttle Capital position performs unexpectedly, FLEX LNG 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 FLEX LNG will offset losses from the drop in FLEX LNG's long position.| Tuttle Capital vs. Unusual Whales Subversive | Tuttle Capital vs. Unusual Whales Subversive | Tuttle Capital vs. Tuttle Capital Short | Tuttle Capital vs. AXS TSLA Bear |
| FLEX LNG vs. Frontline | FLEX LNG vs. Torm PLC Class | FLEX LNG vs. Navigator Holdings | FLEX LNG vs. Teekay Tankers |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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