Correlation Between HONEYWELL and Fluent
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By analyzing existing cross correlation between HONEYWELL INTERNATIONAL INC and Fluent Inc, you can compare the effects of market volatilities on HONEYWELL 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 HONEYWELL with a short position of Fluent. Check out your portfolio center. Please also check ongoing floating volatility patterns of HONEYWELL and Fluent.
Diversification Opportunities for HONEYWELL and Fluent
Significant diversification
The 3 months correlation between HONEYWELL and Fluent is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding HONEYWELL INTERNATIONAL INC and Fluent Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluent Inc and HONEYWELL 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 HONEYWELL INTERNATIONAL INC 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 HONEYWELL i.e., HONEYWELL and Fluent go up and down completely randomly.
Pair Corralation between HONEYWELL and Fluent
Assuming the 90 days trading horizon HONEYWELL INTERNATIONAL INC is expected to generate 0.21 times more return on investment than Fluent. However, HONEYWELL INTERNATIONAL INC is 4.75 times less risky than Fluent. It trades about -0.21 of its potential returns per unit of risk. Fluent Inc is currently generating about -0.06 per unit of risk. If you would invest 9,445 in HONEYWELL INTERNATIONAL INC on September 3, 2024 and sell it today you would lose (727.00) from holding HONEYWELL INTERNATIONAL INC or give up 7.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
HONEYWELL INTERNATIONAL INC vs. Fluent Inc
Performance |
| Timeline |
| HONEYWELL INTERNATIONAL |
| Fluent Inc |
HONEYWELL and Fluent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HONEYWELL and Fluent
The main advantage of trading using opposite HONEYWELL and Fluent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HONEYWELL 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.| HONEYWELL vs. Fluent Inc | HONEYWELL vs. RLX Technology | HONEYWELL vs. Turning Point Brands | HONEYWELL vs. Xunlei Ltd Adr |
| Fluent vs. Marchex | Fluent vs. Dolphin Entertainment | Fluent vs. Beyond Commerce | Fluent vs. MGO Global Common |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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