Correlation Between AFLAC and Fortress Transp
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By analyzing existing cross correlation between AFLAC INC 4 and Fortress Transp Infra, you can compare the effects of market volatilities on AFLAC and Fortress Transp 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 AFLAC with a short position of Fortress Transp. Check out your portfolio center. Please also check ongoing floating volatility patterns of AFLAC and Fortress Transp.
Diversification Opportunities for AFLAC and Fortress Transp
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between AFLAC and Fortress is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding AFLAC INC 4 and Fortress Transp Infra in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortress Transp Infra and AFLAC 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 AFLAC INC 4 are associated (or correlated) with Fortress Transp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortress Transp Infra has no effect on the direction of AFLAC i.e., AFLAC and Fortress Transp go up and down completely randomly.
Pair Corralation between AFLAC and Fortress Transp
Assuming the 90 days trading horizon AFLAC INC 4 is expected to under-perform the Fortress Transp. In addition to that, AFLAC is 1.02 times more volatile than Fortress Transp Infra. It trades about -0.12 of its total potential returns per unit of risk. Fortress Transp Infra is currently generating about 0.24 per unit of volatility. If you would invest 14,224 in Fortress Transp Infra on August 28, 2024 and sell it today you would earn a total of 2,602 from holding Fortress Transp Infra or generate 18.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
AFLAC INC 4 vs. Fortress Transp Infra
Performance |
| Timeline |
| AFLAC INC 4 |
| Fortress Transp Infra |
AFLAC and Fortress Transp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AFLAC and Fortress Transp
The main advantage of trading using opposite AFLAC and Fortress Transp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AFLAC position performs unexpectedly, Fortress Transp 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 Fortress Transp will offset losses from the drop in Fortress Transp's long position.| AFLAC vs. AEP TEX INC | AFLAC vs. US BANK NATIONAL | AFLAC vs. Eat Beyond Global | AFLAC vs. Charles Schwab Corp |
| Fortress Transp vs. PROG Holdings | Fortress Transp vs. McGrath RentCorp | Fortress Transp vs. Mega Matrix Corp | Fortress Transp vs. FTAI Aviation Ltd |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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