Correlation Between FANDIFI TECHNOLOGY and CompuGroup Medical
Can any of the company-specific risk be diversified away by investing in both FANDIFI TECHNOLOGY and CompuGroup Medical 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 FANDIFI TECHNOLOGY and CompuGroup Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FANDIFI TECHNOLOGY P and CompuGroup Medical SE, you can compare the effects of market volatilities on FANDIFI TECHNOLOGY and CompuGroup Medical 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 FANDIFI TECHNOLOGY with a short position of CompuGroup Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of FANDIFI TECHNOLOGY and CompuGroup Medical.
Diversification Opportunities for FANDIFI TECHNOLOGY and CompuGroup Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FANDIFI and CompuGroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FANDIFI TECHNOLOGY P and CompuGroup Medical SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CompuGroup Medical and FANDIFI TECHNOLOGY 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 FANDIFI TECHNOLOGY P are associated (or correlated) with CompuGroup Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CompuGroup Medical has no effect on the direction of FANDIFI TECHNOLOGY i.e., FANDIFI TECHNOLOGY and CompuGroup Medical go up and down completely randomly.
Pair Corralation between FANDIFI TECHNOLOGY and CompuGroup Medical
If you would invest 1,376 in CompuGroup Medical SE on September 12, 2024 and sell it today you would earn a total of 794.00 from holding CompuGroup Medical SE or generate 57.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
FANDIFI TECHNOLOGY P vs. CompuGroup Medical SE
Performance |
| Timeline |
| FANDIFI TECHNOLOGY |
| CompuGroup Medical |
FANDIFI TECHNOLOGY and CompuGroup Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FANDIFI TECHNOLOGY and CompuGroup Medical
The main advantage of trading using opposite FANDIFI TECHNOLOGY and CompuGroup Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FANDIFI TECHNOLOGY position performs unexpectedly, CompuGroup Medical 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 CompuGroup Medical will offset losses from the drop in CompuGroup Medical's long position.| FANDIFI TECHNOLOGY vs. Salesforce | FANDIFI TECHNOLOGY vs. Superior Plus Corp | FANDIFI TECHNOLOGY vs. SIVERS SEMICONDUCTORS AB | FANDIFI TECHNOLOGY vs. Norsk Hydro ASA |
| CompuGroup Medical vs. Evolent Health | CompuGroup Medical vs. Compugroup Medical SE | CompuGroup Medical vs. Superior Plus Corp | CompuGroup Medical vs. NMI Holdings |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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