Correlation Between FEDEX and Minerals Technologies
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By analyzing existing cross correlation between FEDEX P 34 and Minerals Technologies, you can compare the effects of market volatilities on FEDEX and Minerals Technologies 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 FEDEX with a short position of Minerals Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of FEDEX and Minerals Technologies.
Diversification Opportunities for FEDEX and Minerals Technologies
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FEDEX and Minerals is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding FEDEX P 34 and Minerals Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minerals Technologies and FEDEX 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 FEDEX P 34 are associated (or correlated) with Minerals Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minerals Technologies has no effect on the direction of FEDEX i.e., FEDEX and Minerals Technologies go up and down completely randomly.
Pair Corralation between FEDEX and Minerals Technologies
Assuming the 90 days trading horizon FEDEX P 34 is expected to under-perform the Minerals Technologies. But the bond apears to be less risky and, when comparing its historical volatility, FEDEX P 34 is 3.23 times less risky than Minerals Technologies. The bond trades about -0.21 of its potential returns per unit of risk. The Minerals Technologies is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 7,549 in Minerals Technologies on September 2, 2024 and sell it today you would earn a total of 608.00 from holding Minerals Technologies or generate 8.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FEDEX P 34 vs. Minerals Technologies
Performance |
| Timeline |
| FEDEX P 34 |
| Minerals Technologies |
FEDEX and Minerals Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FEDEX and Minerals Technologies
The main advantage of trading using opposite FEDEX and Minerals Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FEDEX position performs unexpectedly, Minerals Technologies 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 Minerals Technologies will offset losses from the drop in Minerals Technologies' long position.| FEDEX vs. Sapiens International | FEDEX vs. Apogee Enterprises | FEDEX vs. Avient Corp | FEDEX vs. Minerals Technologies |
| Minerals Technologies vs. Linde plc Ordinary | Minerals Technologies vs. Air Products and | Minerals Technologies vs. Aquagold International | Minerals Technologies vs. Thrivent High Yield |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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