Correlation Analysis Between FirstEnergy Corp and Facebook

This module allows you to analyze existing cross correlation between FirstEnergy Corp and Facebook. You can compare the effects of market volatilities on FirstEnergy Corp and Facebook 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 FirstEnergy Corp with a short position of Facebook. See also your portfolio center. Please also check ongoing floating volatility patterns of FirstEnergy Corp and Facebook.
 Time Horizon     30 Days    Login   to change
Symbolsvs

FirstEnergy Corp  vs.  Facebook Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, FirstEnergy Corp is expected to generate 3.0 times less return on investment than Facebook. But when comparing it to its historical volatility, FirstEnergy Corp is 1.15 times less risky than Facebook. It trades about 0.16 of its potential returns per unit of risk. Facebook is currently generating about 0.41 of returns per unit of risk over similar time horizon. If you would invest  18,492  in Facebook on May 25, 2018 and sell it today you would earn a total of  1,682  from holding Facebook or generate 9.1% return on investment over 30 days.

Pair Corralation between FirstEnergy Corp and Facebook

0.66
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
FirstEnergy Corp  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in FirstEnergy Corp are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.
Facebook  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Facebook are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1157.66

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Premium Stories module to follow macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.