Correlation Between Friendable and ProShares Ultra

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Can any of the company-specific risk be diversified away by investing in both Friendable and ProShares Ultra 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 Friendable and ProShares Ultra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Friendable and ProShares Ultra Bloomberg, you can compare the effects of market volatilities on Friendable and ProShares Ultra 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 Friendable with a short position of ProShares Ultra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Friendable and ProShares Ultra.

Diversification Opportunities for Friendable and ProShares Ultra

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Friendable and ProShares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Friendable and ProShares Ultra Bloomberg in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares Ultra Bloomberg and Friendable 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 Friendable are associated (or correlated) with ProShares Ultra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Ultra Bloomberg has no effect on the direction of Friendable i.e., Friendable and ProShares Ultra go up and down completely randomly.

Pair Corralation between Friendable and ProShares Ultra

If you would invest (100.00) in Friendable on December 29, 2023 and sell it today you would earn a total of  100.00  from holding Friendable or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Friendable  vs.  ProShares Ultra Bloomberg

 Performance 
       Timeline  
Friendable 

Risk-Adjusted Performance

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Over the last 90 days Friendable has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent fundamental drivers, Friendable is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.
ProShares Ultra Bloomberg 

Risk-Adjusted Performance

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Low
 
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Very Weak
Over the last 90 days ProShares Ultra Bloomberg has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Etf's forward indicators remain quite persistent which may send shares a bit higher in April 2024. The latest mess may also be a sign of long-standing up-swing for the ETF venture institutional investors.

Friendable and ProShares Ultra Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Friendable and ProShares Ultra

The main advantage of trading using opposite Friendable and ProShares Ultra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Friendable position performs unexpectedly, ProShares Ultra 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 ProShares Ultra will offset losses from the drop in ProShares Ultra's long position.
The idea behind Friendable and ProShares Ultra Bloomberg pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

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