Correlation Between Upper Street and Flagstar Bancorp
Can any of the company-specific risk be diversified away by investing in both Upper Street and Flagstar Bancorp 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 Upper Street and Flagstar Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Upper Street Marketing and Flagstar Bancorp, you can compare the effects of market volatilities on Upper Street and Flagstar Bancorp 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 Upper Street with a short position of Flagstar Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Upper Street and Flagstar Bancorp.
Diversification Opportunities for Upper Street and Flagstar Bancorp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Upper and Flagstar is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Upper Street Marketing and Flagstar Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flagstar Bancorp and Upper Street 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 Upper Street Marketing are associated (or correlated) with Flagstar Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flagstar Bancorp has no effect on the direction of Upper Street i.e., Upper Street and Flagstar Bancorp go up and down completely randomly.
Pair Corralation between Upper Street and Flagstar Bancorp
If you would invest 3,754 in Flagstar Bancorp on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Flagstar Bancorp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.6% |
| Values | Daily Returns |
Upper Street Marketing vs. Flagstar Bancorp
Performance |
| Timeline |
| Upper Street Marketing |
| Flagstar Bancorp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Upper Street and Flagstar Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Upper Street and Flagstar Bancorp
The main advantage of trading using opposite Upper Street and Flagstar Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Upper Street position performs unexpectedly, Flagstar Bancorp 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 Flagstar Bancorp will offset losses from the drop in Flagstar Bancorp's long position.| Upper Street vs. Virtual Medical International | Upper Street vs. Grey Cloak Tech | Upper Street vs. CuraScientific Corp | Upper Street vs. Love Hemp Group |
| Flagstar Bancorp vs. Ironveld Plc | Flagstar Bancorp vs. Allegheny Technologies Incorporated | Flagstar Bancorp vs. Herc Holdings | Flagstar Bancorp vs. First Ship Lease |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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