Correlation Between Fireeye and Amana Growth
Can any of the company-specific risk be diversified away by investing in both Fireeye and Amana Growth 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 Fireeye and Amana Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fireeye and Amana Growth Fund, you can compare the effects of market volatilities on Fireeye and Amana Growth 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 Fireeye with a short position of Amana Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fireeye and Amana Growth.
Diversification Opportunities for Fireeye and Amana Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fireeye and Amana is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fireeye and Amana Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amana Growth and Fireeye 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 Fireeye are associated (or correlated) with Amana Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amana Growth has no effect on the direction of Fireeye i.e., Fireeye and Amana Growth go up and down completely randomly.
Pair Corralation between Fireeye and Amana Growth
If you would invest 0.00 in Fireeye on January 20, 2024 and sell it today you would earn a total of 0.00 from holding Fireeye or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Fireeye vs. Amana Growth Fund
Performance |
| Timeline |
| Fireeye |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Amana Growth |
Fireeye and Amana Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fireeye and Amana Growth
The main advantage of trading using opposite Fireeye and Amana Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fireeye position performs unexpectedly, Amana Growth 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 Amana Growth will offset losses from the drop in Amana Growth's long position.| Fireeye vs. Hawaiian Holdings | Fireeye vs. Allegiant Travel | Fireeye vs. Mesa Air Group | Fireeye vs. NETGEAR |
| Amana Growth vs. Amana Income Fund | Amana Growth vs. Amana Income Fund | Amana Growth vs. Amana Developing World | Amana Growth vs. Amana Growth Fund |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |