Correlation Between 98877DAC9 and Franklin Street
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By analyzing existing cross correlation between ZF North America and Franklin Street Properties, you can compare the effects of market volatilities on 98877DAC9 and Franklin Street 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 98877DAC9 with a short position of Franklin Street. Check out your portfolio center. Please also check ongoing floating volatility patterns of 98877DAC9 and Franklin Street.
Diversification Opportunities for 98877DAC9 and Franklin Street
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 98877DAC9 and Franklin is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding ZF North America and Franklin Street Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Street Prop and 98877DAC9 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 ZF North America are associated (or correlated) with Franklin Street. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Street Prop has no effect on the direction of 98877DAC9 i.e., 98877DAC9 and Franklin Street go up and down completely randomly.
Pair Corralation between 98877DAC9 and Franklin Street
Assuming the 90 days trading horizon ZF North America is expected to generate 22.17 times more return on investment than Franklin Street. However, 98877DAC9 is 22.17 times more volatile than Franklin Street Properties. It trades about 0.06 of its potential returns per unit of risk. Franklin Street Properties is currently generating about -0.01 per unit of risk. If you would invest 9,557 in ZF North America on September 5, 2024 and sell it today you would earn a total of 215.00 from holding ZF North America or generate 2.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.44% |
| Values | Daily Returns |
ZF North America vs. Franklin Street Properties
Performance |
| Timeline |
| ZF North America |
| Franklin Street Prop |
98877DAC9 and Franklin Street Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 98877DAC9 and Franklin Street
The main advantage of trading using opposite 98877DAC9 and Franklin Street positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 98877DAC9 position performs unexpectedly, Franklin Street 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 Franklin Street will offset losses from the drop in Franklin Street's long position.| 98877DAC9 vs. Franklin Street Properties | 98877DAC9 vs. CECO Environmental Corp | 98877DAC9 vs. Tandy Leather Factory | 98877DAC9 vs. Bassett Furniture Industries |
| Franklin Street vs. Equity Commonwealth | Franklin Street vs. Cousins Properties Incorporated | Franklin Street vs. Creative Media Community | Franklin Street vs. Highwoods Properties |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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