Correlation Between NEWFIELD and Funko
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By analyzing existing cross correlation between NEWFIELD EXPL 5375 and Funko Inc, you can compare the effects of market volatilities on NEWFIELD and Funko 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 NEWFIELD with a short position of Funko. Check out your portfolio center. Please also check ongoing floating volatility patterns of NEWFIELD and Funko.
Diversification Opportunities for NEWFIELD and Funko
Pay attention - limited upside
The 3 months correlation between NEWFIELD and Funko is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NEWFIELD EXPL 5375 and Funko Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Funko Inc and NEWFIELD 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 NEWFIELD EXPL 5375 are associated (or correlated) with Funko. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Funko Inc has no effect on the direction of NEWFIELD i.e., NEWFIELD and Funko go up and down completely randomly.
Pair Corralation between NEWFIELD and Funko
Assuming the 90 days trading horizon NEWFIELD is expected to generate 95.41 times less return on investment than Funko. But when comparing it to its historical volatility, NEWFIELD EXPL 5375 is 14.17 times less risky than Funko. It trades about 0.01 of its potential returns per unit of risk. Funko Inc is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 676.00 in Funko Inc on September 3, 2024 and sell it today you would earn a total of 507.00 from holding Funko Inc or generate 75.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.93% |
| Values | Daily Returns |
NEWFIELD EXPL 5375 vs. Funko Inc
Performance |
| Timeline |
| NEWFIELD EXPL 5375 |
| Funko Inc |
NEWFIELD and Funko Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NEWFIELD and Funko
The main advantage of trading using opposite NEWFIELD and Funko positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NEWFIELD position performs unexpectedly, Funko 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 Funko will offset losses from the drop in Funko's long position.| NEWFIELD vs. Valens | NEWFIELD vs. Vishay Intertechnology | NEWFIELD vs. TFI International | NEWFIELD vs. United Guardian |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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