Correlation Between FANDIFI TECHNOLOGY and SL Green
Can any of the company-specific risk be diversified away by investing in both FANDIFI TECHNOLOGY and SL Green 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 SL Green 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 SL Green Realty, you can compare the effects of market volatilities on FANDIFI TECHNOLOGY and SL Green 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 SL Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of FANDIFI TECHNOLOGY and SL Green.
Diversification Opportunities for FANDIFI TECHNOLOGY and SL Green
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FANDIFI and GEI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FANDIFI TECHNOLOGY P and SL Green Realty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SL Green Realty 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 SL Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SL Green Realty has no effect on the direction of FANDIFI TECHNOLOGY i.e., FANDIFI TECHNOLOGY and SL Green go up and down completely randomly.
Pair Corralation between FANDIFI TECHNOLOGY and SL Green
If you would invest 4,815 in SL Green Realty on September 3, 2024 and sell it today you would earn a total of 2,517 from holding SL Green Realty or generate 52.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.22% |
| Values | Daily Returns |
FANDIFI TECHNOLOGY P vs. SL Green Realty
Performance |
| Timeline |
| FANDIFI TECHNOLOGY |
| SL Green Realty |
FANDIFI TECHNOLOGY and SL Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FANDIFI TECHNOLOGY and SL Green
The main advantage of trading using opposite FANDIFI TECHNOLOGY and SL Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FANDIFI TECHNOLOGY position performs unexpectedly, SL Green 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 SL Green will offset losses from the drop in SL Green's long position.| FANDIFI TECHNOLOGY vs. GALENA MINING LTD | FANDIFI TECHNOLOGY vs. United Natural Foods | FANDIFI TECHNOLOGY vs. TYSON FOODS A | FANDIFI TECHNOLOGY vs. GRIFFIN MINING LTD |
| SL Green vs. X FAB Silicon Foundries | SL Green vs. Clean Energy Fuels | SL Green vs. FANDIFI TECHNOLOGY P | SL Green vs. AECOM TECHNOLOGY |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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