Correlation Between Fabrinet and Guitammer
Can any of the company-specific risk be diversified away by investing in both Fabrinet and Guitammer at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fabrinet and Guitammer into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fabrinet and The Guitammer, you can compare the effects of market volatilities on Fabrinet and Guitammer 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 Fabrinet with a short position of Guitammer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fabrinet and Guitammer.
Diversification Opportunities for Fabrinet and Guitammer
Pay attention - limited upside
The 3 months correlation between Fabrinet and Guitammer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fabrinet and The Guitammer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guitammer and Fabrinet 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 Fabrinet are associated (or correlated) with Guitammer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guitammer has no effect on the direction of Fabrinet i.e., Fabrinet and Guitammer go up and down completely randomly.
Pair Corralation between Fabrinet and Guitammer
If you would invest 8,687 in Fabrinet on January 20, 2024 and sell it today you would earn a total of 7,833 from holding Fabrinet or generate 90.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Fabrinet vs. The Guitammer
Performance |
| Timeline |
| Fabrinet |
| Guitammer |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Fabrinet and Guitammer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fabrinet and Guitammer
The main advantage of trading using opposite Fabrinet and Guitammer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fabrinet position performs unexpectedly, Guitammer 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 Guitammer will offset losses from the drop in Guitammer's long position.| Fabrinet vs. Maximus | Fabrinet vs. Network 1 Technologies | Fabrinet vs. First Advantage Corp | Fabrinet vs. BrightView Holdings |
| Guitammer vs. Ainsworth Game Technology | Guitammer vs. Blue Hat Interactive | Guitammer vs. Federal Home Loan | Guitammer vs. Playstudios |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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