Correlation Between First Trust and HLNLN
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By analyzing existing cross correlation between First Trust Exchange Traded and HLNLN 3375 24 MAR 27, you can compare the effects of market volatilities on First Trust and HLNLN 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 First Trust with a short position of HLNLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Trust and HLNLN.
Diversification Opportunities for First Trust and HLNLN
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between First and HLNLN is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding First Trust Exchange Traded and HLNLN 3375 24 MAR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HLNLN 3375 24 and First Trust 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 First Trust Exchange Traded are associated (or correlated) with HLNLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HLNLN 3375 24 has no effect on the direction of First Trust i.e., First Trust and HLNLN go up and down completely randomly.
Pair Corralation between First Trust and HLNLN
Given the investment horizon of 90 days First Trust Exchange Traded is expected to generate 0.65 times more return on investment than HLNLN. However, First Trust Exchange Traded is 1.55 times less risky than HLNLN. It trades about 0.15 of its potential returns per unit of risk. HLNLN 3375 24 MAR 27 is currently generating about 0.01 per unit of risk. If you would invest 3,097 in First Trust Exchange Traded on November 2, 2024 and sell it today you would earn a total of 692.00 from holding First Trust Exchange Traded or generate 22.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 83.6% |
| Values | Daily Returns |
First Trust Exchange Traded vs. HLNLN 3375 24 MAR 27
Performance |
| Timeline |
| First Trust Exchange |
| HLNLN 3375 24 |
First Trust and HLNLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Trust and HLNLN
The main advantage of trading using opposite First Trust and HLNLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Trust position performs unexpectedly, HLNLN 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 HLNLN will offset losses from the drop in HLNLN's long position.| First Trust vs. First Trust Exchange | First Trust vs. First Trust Exchange Traded | First Trust vs. First Trust Exchange Traded | First Trust vs. FT Cboe Vest |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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