Correlation Between Siriuspoint and Fluent
Can any of the company-specific risk be diversified away by investing in both Siriuspoint and Fluent 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 Siriuspoint and Fluent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siriuspoint and Fluent Inc, you can compare the effects of market volatilities on Siriuspoint and Fluent 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 Siriuspoint with a short position of Fluent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siriuspoint and Fluent.
Diversification Opportunities for Siriuspoint and Fluent
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Siriuspoint and Fluent is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Siriuspoint and Fluent Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluent Inc and Siriuspoint 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 Siriuspoint are associated (or correlated) with Fluent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluent Inc has no effect on the direction of Siriuspoint i.e., Siriuspoint and Fluent go up and down completely randomly.
Pair Corralation between Siriuspoint and Fluent
Given the investment horizon of 90 days Siriuspoint is expected to generate 0.6 times more return on investment than Fluent. However, Siriuspoint is 1.65 times less risky than Fluent. It trades about 0.23 of its potential returns per unit of risk. Fluent Inc is currently generating about -0.11 per unit of risk. If you would invest 1,351 in Siriuspoint on August 30, 2024 and sell it today you would earn a total of 194.00 from holding Siriuspoint or generate 14.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Siriuspoint vs. Fluent Inc
Performance |
| Timeline |
| Siriuspoint |
| Fluent Inc |
Siriuspoint and Fluent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siriuspoint and Fluent
The main advantage of trading using opposite Siriuspoint and Fluent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siriuspoint position performs unexpectedly, Fluent 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 Fluent will offset losses from the drop in Fluent's long position.| Siriuspoint vs. Maiden Holdings | Siriuspoint vs. Reinsurance Group of | Siriuspoint vs. Oxbridge Re Holdings | Siriuspoint vs. Greenlight Capital Re |
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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