Correlation Between Uniphar Group and Franklin Floating
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By analyzing existing cross correlation between Uniphar Group PLC and Franklin Floating Rate, you can compare the effects of market volatilities on Uniphar Group and Franklin Floating 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 Uniphar Group with a short position of Franklin Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uniphar Group and Franklin Floating.
Diversification Opportunities for Uniphar Group and Franklin Floating
-0.9 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Uniphar and Franklin is -0.9. Overlapping area represents the amount of risk that can be diversified away by holding Uniphar Group PLC and Franklin Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Floating Rate and Uniphar Group 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 Uniphar Group PLC are associated (or correlated) with Franklin Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Floating Rate has no effect on the direction of Uniphar Group i.e., Uniphar Group and Franklin Floating go up and down completely randomly.
Pair Corralation between Uniphar Group and Franklin Floating
Assuming the 90 days trading horizon Uniphar Group PLC is expected to under-perform the Franklin Floating. In addition to that, Uniphar Group is 18.69 times more volatile than Franklin Floating Rate. It trades about -0.34 of its total potential returns per unit of risk. Franklin Floating Rate is currently generating about 0.31 per unit of volatility. If you would invest 1,828 in Franklin Floating Rate on August 26, 2024 and sell it today you would earn a total of 10.00 from holding Franklin Floating Rate or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Uniphar Group PLC vs. Franklin Floating Rate
Performance |
| Timeline |
| Uniphar Group PLC |
| Franklin Floating Rate |
Uniphar Group and Franklin Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uniphar Group and Franklin Floating
The main advantage of trading using opposite Uniphar Group and Franklin Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uniphar Group position performs unexpectedly, Franklin Floating 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 Franklin Floating will offset losses from the drop in Franklin Floating's long position.| Uniphar Group vs. Dalata Hotel Group | Uniphar Group vs. Kingspan Group plc | Uniphar Group vs. AIB Group PLC | Uniphar Group vs. Glanbia PLC |
| Franklin Floating vs. Franklin Floating Rate | Franklin Floating vs. Dalata Hotel Group | Franklin Floating vs. Uniphar Group PLC | Franklin Floating vs. KLP Aksje Fremvoksende |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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