Correlation Between 459200KX8 and Flexible Solutions
Specify exactly 2 symbols:
By analyzing existing cross correlation between IBM 45 06 FEB 28 and Flexible Solutions International, you can compare the effects of market volatilities on 459200KX8 and Flexible Solutions 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 459200KX8 with a short position of Flexible Solutions. Check out your portfolio center. Please also check ongoing floating volatility patterns of 459200KX8 and Flexible Solutions.
Diversification Opportunities for 459200KX8 and Flexible Solutions
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 459200KX8 and Flexible is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding IBM 45 06 FEB 28 and Flexible Solutions Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flexible Solutions and 459200KX8 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 IBM 45 06 FEB 28 are associated (or correlated) with Flexible Solutions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flexible Solutions has no effect on the direction of 459200KX8 i.e., 459200KX8 and Flexible Solutions go up and down completely randomly.
Pair Corralation between 459200KX8 and Flexible Solutions
Assuming the 90 days trading horizon IBM 45 06 FEB 28 is expected to generate 0.06 times more return on investment than Flexible Solutions. However, IBM 45 06 FEB 28 is 18.11 times less risky than Flexible Solutions. It trades about 0.13 of its potential returns per unit of risk. Flexible Solutions International is currently generating about -0.01 per unit of risk. If you would invest 10,002 in IBM 45 06 FEB 28 on August 29, 2024 and sell it today you would earn a total of 75.00 from holding IBM 45 06 FEB 28 or generate 0.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IBM 45 06 FEB 28 vs. Flexible Solutions Internation
Performance |
| Timeline |
| IBM 45 06 |
| Flexible Solutions |
459200KX8 and Flexible Solutions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 459200KX8 and Flexible Solutions
The main advantage of trading using opposite 459200KX8 and Flexible Solutions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 459200KX8 position performs unexpectedly, Flexible Solutions 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 Flexible Solutions will offset losses from the drop in Flexible Solutions' long position.| 459200KX8 vs. Hawkins | 459200KX8 vs. Here Media | 459200KX8 vs. Avient Corp | 459200KX8 vs. Scandinavian Tobacco Group |
| Flexible Solutions vs. Oil Dri | Flexible Solutions vs. H B Fuller | Flexible Solutions vs. Northern Technologies | Flexible Solutions vs. Cabot |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |