Correlation Between Olympic Steel and Fidelity
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By analyzing existing cross correlation between Olympic Steel and Fidelity Guaranty Life, you can compare the effects of market volatilities on Olympic Steel and Fidelity 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 Olympic Steel with a short position of Fidelity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Steel and Fidelity.
Diversification Opportunities for Olympic Steel and Fidelity
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Olympic and Fidelity is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Steel and Fidelity Guaranty Life in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Guaranty Life and Olympic Steel 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 Olympic Steel are associated (or correlated) with Fidelity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Guaranty Life has no effect on the direction of Olympic Steel i.e., Olympic Steel and Fidelity go up and down completely randomly.
Pair Corralation between Olympic Steel and Fidelity
Given the investment horizon of 90 days Olympic Steel is expected to under-perform the Fidelity. In addition to that, Olympic Steel is 4.36 times more volatile than Fidelity Guaranty Life. It trades about -0.01 of its total potential returns per unit of risk. Fidelity Guaranty Life is currently generating about 0.03 per unit of volatility. If you would invest 9,719 in Fidelity Guaranty Life on September 12, 2024 and sell it today you would earn a total of 236.00 from holding Fidelity Guaranty Life or generate 2.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 36.65% |
| Values | Daily Returns |
Olympic Steel vs. Fidelity Guaranty Life
Performance |
| Timeline |
| Olympic Steel |
| Fidelity Guaranty Life |
Olympic Steel and Fidelity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Steel and Fidelity
The main advantage of trading using opposite Olympic Steel and Fidelity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Steel position performs unexpectedly, Fidelity 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 Fidelity will offset losses from the drop in Fidelity's long position.| Olympic Steel vs. Universal Stainless Alloy | Olympic Steel vs. Outokumpu Oyj ADR | Olympic Steel vs. Usinas Siderurgicas de | Olympic Steel vs. POSCO Holdings |
| Fidelity vs. Sphere Entertainment Co | Fidelity vs. Chemours Co | Fidelity vs. Olympic Steel | Fidelity vs. BCE Inc |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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