Correlation Between FIBRA Storage and Eli Lilly
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By analyzing existing cross correlation between FIBRA Storage and Eli Lilly and, you can compare the effects of market volatilities on FIBRA Storage and Eli Lilly 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 FIBRA Storage with a short position of Eli Lilly. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIBRA Storage and Eli Lilly.
Diversification Opportunities for FIBRA Storage and Eli Lilly
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between FIBRA and Eli is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding FIBRA Storage and Eli Lilly and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eli Lilly and FIBRA Storage 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 FIBRA Storage are associated (or correlated) with Eli Lilly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eli Lilly has no effect on the direction of FIBRA Storage i.e., FIBRA Storage and Eli Lilly go up and down completely randomly.
Pair Corralation between FIBRA Storage and Eli Lilly
Assuming the 90 days trading horizon FIBRA Storage is expected to generate 0.26 times more return on investment than Eli Lilly. However, FIBRA Storage is 3.79 times less risky than Eli Lilly. It trades about 0.12 of its potential returns per unit of risk. Eli Lilly and is currently generating about -0.22 per unit of risk. If you would invest 1,715 in FIBRA Storage on August 27, 2024 and sell it today you would earn a total of 34.00 from holding FIBRA Storage or generate 1.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIBRA Storage vs. Eli Lilly and
Performance |
| Timeline |
| FIBRA Storage |
| Eli Lilly |
FIBRA Storage and Eli Lilly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIBRA Storage and Eli Lilly
The main advantage of trading using opposite FIBRA Storage and Eli Lilly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIBRA Storage position performs unexpectedly, Eli Lilly 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 Eli Lilly will offset losses from the drop in Eli Lilly's long position.| FIBRA Storage vs. Martin Marietta Materials | FIBRA Storage vs. DXC Technology | FIBRA Storage vs. Southwest Airlines | FIBRA Storage vs. Capital One Financial |
| Eli Lilly vs. Applied Materials | Eli Lilly vs. FIBRA Storage | Eli Lilly vs. First Republic Bank | Eli Lilly vs. Hoteles City Express |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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