Correlation Between Upright Growth and Ftfa Franklin
Can any of the company-specific risk be diversified away by investing in both Upright Growth and Ftfa Franklin 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 Upright Growth and Ftfa Franklin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Upright Growth Income and Ftfa Franklin Templeton Growth, you can compare the effects of market volatilities on Upright Growth and Ftfa Franklin 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 Upright Growth with a short position of Ftfa Franklin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Upright Growth and Ftfa Franklin.
Diversification Opportunities for Upright Growth and Ftfa Franklin
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Upright and Ftfa is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Upright Growth Income and Ftfa Franklin Templeton Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ftfa Franklin Templeton and Upright Growth 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 Upright Growth Income are associated (or correlated) with Ftfa Franklin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ftfa Franklin Templeton has no effect on the direction of Upright Growth i.e., Upright Growth and Ftfa Franklin go up and down completely randomly.
Pair Corralation between Upright Growth and Ftfa Franklin
Assuming the 90 days horizon Upright Growth Income is expected to generate 2.38 times more return on investment than Ftfa Franklin. However, Upright Growth is 2.38 times more volatile than Ftfa Franklin Templeton Growth. It trades about 0.05 of its potential returns per unit of risk. Ftfa Franklin Templeton Growth is currently generating about -0.22 per unit of risk. If you would invest 1,950 in Upright Growth Income on October 11, 2024 and sell it today you would earn a total of 34.00 from holding Upright Growth Income or generate 1.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Upright Growth Income vs. Ftfa Franklin Templeton Growth
Performance |
| Timeline |
| Upright Growth Income |
| Ftfa Franklin Templeton |
Upright Growth and Ftfa Franklin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Upright Growth and Ftfa Franklin
The main advantage of trading using opposite Upright Growth and Ftfa Franklin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Upright Growth position performs unexpectedly, Ftfa Franklin 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 Ftfa Franklin will offset losses from the drop in Ftfa Franklin's long position.| Upright Growth vs. Transamerica Intermediate Muni | Upright Growth vs. Maryland Tax Free Bond | Upright Growth vs. Bbh Intermediate Municipal | Upright Growth vs. Georgia Tax Free Bond |
| Ftfa Franklin vs. Global Gold Fund | Ftfa Franklin vs. International Investors Gold | Ftfa Franklin vs. Gabelli Gold Fund | Ftfa Franklin vs. World Precious Minerals |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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