Correlation Between FLUOR and Altria
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By analyzing existing cross correlation between FLUOR P NEW and Altria Group, you can compare the effects of market volatilities on FLUOR and Altria 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 FLUOR with a short position of Altria. Check out your portfolio center. Please also check ongoing floating volatility patterns of FLUOR and Altria.
Diversification Opportunities for FLUOR and Altria
Very good diversification
The 3 months correlation between FLUOR and Altria is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding FLUOR P NEW and Altria Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altria Group and FLUOR 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 FLUOR P NEW are associated (or correlated) with Altria. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altria Group has no effect on the direction of FLUOR i.e., FLUOR and Altria go up and down completely randomly.
Pair Corralation between FLUOR and Altria
Assuming the 90 days trading horizon FLUOR P NEW is expected to under-perform the Altria. But the bond apears to be less risky and, when comparing its historical volatility, FLUOR P NEW is 1.77 times less risky than Altria. The bond trades about -0.12 of its potential returns per unit of risk. The Altria Group is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 5,163 in Altria Group on September 12, 2024 and sell it today you would earn a total of 306.00 from holding Altria Group or generate 5.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
FLUOR P NEW vs. Altria Group
Performance |
| Timeline |
| FLUOR P NEW |
| Altria Group |
FLUOR and Altria Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FLUOR and Altria
The main advantage of trading using opposite FLUOR and Altria positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FLUOR position performs unexpectedly, Altria 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 Altria will offset losses from the drop in Altria's long position.| FLUOR vs. Royalty Management Holding | FLUOR vs. Analog Devices | FLUOR vs. NETGEAR | FLUOR vs. Uber Technologies |
| Altria vs. Turning Point Brands | Altria vs. Imperial Brands PLC | Altria vs. Kaival Brands Innovations | Altria vs. PT Hanjaya Mandala |
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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