Correlation Between 69351UAR4 and Flex
Specify exactly 2 symbols:
By analyzing existing cross correlation between PPL ELEC UTILS and Flex, you can compare the effects of market volatilities on 69351UAR4 and Flex 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 69351UAR4 with a short position of Flex. Check out your portfolio center. Please also check ongoing floating volatility patterns of 69351UAR4 and Flex.
Diversification Opportunities for 69351UAR4 and Flex
Excellent diversification
The 3 months correlation between 69351UAR4 and Flex is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding PPL ELEC UTILS and Flex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flex and 69351UAR4 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 PPL ELEC UTILS are associated (or correlated) with Flex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flex has no effect on the direction of 69351UAR4 i.e., 69351UAR4 and Flex go up and down completely randomly.
Pair Corralation between 69351UAR4 and Flex
Assuming the 90 days trading horizon PPL ELEC UTILS is expected to generate 0.47 times more return on investment than Flex. However, PPL ELEC UTILS is 2.11 times less risky than Flex. It trades about 0.23 of its potential returns per unit of risk. Flex is currently generating about 0.0 per unit of risk. If you would invest 9,041 in PPL ELEC UTILS on November 28, 2024 and sell it today you would earn a total of 243.00 from holding PPL ELEC UTILS or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 52.38% |
| Values | Daily Returns |
PPL ELEC UTILS vs. Flex
Performance |
| Timeline |
| PPL ELEC UTILS |
| Flex |
69351UAR4 and Flex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 69351UAR4 and Flex
The main advantage of trading using opposite 69351UAR4 and Flex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 69351UAR4 position performs unexpectedly, Flex 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 Flex will offset losses from the drop in Flex's long position.| 69351UAR4 vs. AEP TEX INC | 69351UAR4 vs. EastGroup Properties | 69351UAR4 vs. Tat Techno | 69351UAR4 vs. Intevac |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |