Correlation Between 031162DS6 and Fluent
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By analyzing existing cross correlation between AMGN 56 02 MAR 43 and Fluent Inc, you can compare the effects of market volatilities on 031162DS6 and Fluent 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 031162DS6 with a short position of Fluent. Check out your portfolio center. Please also check ongoing floating volatility patterns of 031162DS6 and Fluent.
Diversification Opportunities for 031162DS6 and Fluent
Good diversification
The 3 months correlation between 031162DS6 and Fluent is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding AMGN 56 02 MAR 43 and Fluent Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluent Inc and 031162DS6 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 AMGN 56 02 MAR 43 are associated (or correlated) with Fluent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluent Inc has no effect on the direction of 031162DS6 i.e., 031162DS6 and Fluent go up and down completely randomly.
Pair Corralation between 031162DS6 and Fluent
Assuming the 90 days trading horizon AMGN 56 02 MAR 43 is expected to generate 0.2 times more return on investment than Fluent. However, AMGN 56 02 MAR 43 is 5.05 times less risky than Fluent. It trades about 0.08 of its potential returns per unit of risk. Fluent Inc is currently generating about -0.05 per unit of risk. If you would invest 10,050 in AMGN 56 02 MAR 43 on August 26, 2024 and sell it today you would earn a total of 164.00 from holding AMGN 56 02 MAR 43 or generate 1.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AMGN 56 02 MAR 43 vs. Fluent Inc
Performance |
| Timeline |
| AMGN 56 02 |
| Fluent Inc |
031162DS6 and Fluent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 031162DS6 and Fluent
The main advantage of trading using opposite 031162DS6 and Fluent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 031162DS6 position performs unexpectedly, Fluent 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 Fluent will offset losses from the drop in Fluent's long position.| 031162DS6 vs. Fluent Inc | 031162DS6 vs. BOS Better Online | 031162DS6 vs. CECO Environmental Corp | 031162DS6 vs. Deluxe |
| Fluent vs. Mirriad Advertising plc | Fluent vs. INEO Tech Corp | Fluent vs. Innovid Corp | Fluent vs. Clear Channel Outdoor |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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