Correlation Between 00108WAF7 and Fortress Biotech
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By analyzing existing cross correlation between AEP TEX INC and Fortress Biotech Pref, you can compare the effects of market volatilities on 00108WAF7 and Fortress Biotech 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 00108WAF7 with a short position of Fortress Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and Fortress Biotech.
Diversification Opportunities for 00108WAF7 and Fortress Biotech
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between 00108WAF7 and Fortress is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and Fortress Biotech Pref in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortress Biotech Pref and 00108WAF7 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 AEP TEX INC are associated (or correlated) with Fortress Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortress Biotech Pref has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and Fortress Biotech go up and down completely randomly.
Pair Corralation between 00108WAF7 and Fortress Biotech
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 1.48 times more return on investment than Fortress Biotech. However, 00108WAF7 is 1.48 times more volatile than Fortress Biotech Pref. It trades about 0.25 of its potential returns per unit of risk. Fortress Biotech Pref is currently generating about -0.13 per unit of risk. If you would invest 7,193 in AEP TEX INC on November 3, 2024 and sell it today you would earn a total of 1,028 from holding AEP TEX INC or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.95% |
| Values | Daily Returns |
AEP TEX INC vs. Fortress Biotech Pref
Performance |
| Timeline |
| AEP TEX INC |
| Fortress Biotech Pref |
00108WAF7 and Fortress Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and Fortress Biotech
The main advantage of trading using opposite 00108WAF7 and Fortress Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, Fortress Biotech 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 Biotech will offset losses from the drop in Fortress Biotech's long position.| 00108WAF7 vs. DHI Group | 00108WAF7 vs. United Natural Foods | 00108WAF7 vs. Lianhua Supermarket Holdings | 00108WAF7 vs. Q2 Holdings |
| Fortress Biotech vs. Checkpoint Therapeutics | Fortress Biotech vs. Mustang Bio | Fortress Biotech vs. Reviva Pharmaceuticals Holdings | Fortress Biotech vs. Kodiak Sciences |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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