Correlation Between GENERAL and FiscalNote Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between GENERAL MTRS FINL and FiscalNote Holdings, you can compare the effects of market volatilities on GENERAL and FiscalNote Holdings 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 GENERAL with a short position of FiscalNote Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of GENERAL and FiscalNote Holdings.
Diversification Opportunities for GENERAL and FiscalNote Holdings
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GENERAL and FiscalNote is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding GENERAL MTRS FINL and FiscalNote Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FiscalNote Holdings and GENERAL 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 GENERAL MTRS FINL are associated (or correlated) with FiscalNote Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FiscalNote Holdings has no effect on the direction of GENERAL i.e., GENERAL and FiscalNote Holdings go up and down completely randomly.
Pair Corralation between GENERAL and FiscalNote Holdings
Assuming the 90 days trading horizon GENERAL MTRS FINL is expected to generate 0.11 times more return on investment than FiscalNote Holdings. However, GENERAL MTRS FINL is 9.06 times less risky than FiscalNote Holdings. It trades about -0.01 of its potential returns per unit of risk. FiscalNote Holdings is currently generating about -0.13 per unit of risk. If you would invest 9,800 in GENERAL MTRS FINL on September 12, 2024 and sell it today you would lose (53.00) from holding GENERAL MTRS FINL or give up 0.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 92.19% |
| Values | Daily Returns |
GENERAL MTRS FINL vs. FiscalNote Holdings
Performance |
| Timeline |
| GENERAL MTRS FINL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| FiscalNote Holdings |
GENERAL and FiscalNote Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GENERAL and FiscalNote Holdings
The main advantage of trading using opposite GENERAL and FiscalNote Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GENERAL position performs unexpectedly, FiscalNote Holdings 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 FiscalNote Holdings will offset losses from the drop in FiscalNote Holdings' long position.| GENERAL vs. Paysafe | GENERAL vs. Iridium Communications | GENERAL vs. NETGEAR | GENERAL vs. Kandi Technologies Group |
| FiscalNote Holdings vs. Innodata | FiscalNote Holdings vs. International Business Machines | FiscalNote Holdings vs. Aurora Innovation | FiscalNote Holdings vs. BigBearai Holdings |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| CEOs Directory Screen CEOs from public companies around the world |