Correlation Between Fidelity Overseas and Baldwin Lyons
Can any of the company-specific risk be diversified away by investing in both Fidelity Overseas and Baldwin Lyons 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 Fidelity Overseas and Baldwin Lyons into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Overseas Fund and Baldwin Lyons, you can compare the effects of market volatilities on Fidelity Overseas and Baldwin Lyons 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 Fidelity Overseas with a short position of Baldwin Lyons. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Overseas and Baldwin Lyons.
Diversification Opportunities for Fidelity Overseas and Baldwin Lyons
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fidelity and Baldwin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Overseas Fund and Baldwin Lyons in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baldwin Lyons and Fidelity Overseas 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 Fidelity Overseas Fund are associated (or correlated) with Baldwin Lyons. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baldwin Lyons has no effect on the direction of Fidelity Overseas i.e., Fidelity Overseas and Baldwin Lyons go up and down completely randomly.
Pair Corralation between Fidelity Overseas and Baldwin Lyons
If you would invest 6,043 in Fidelity Overseas Fund on January 26, 2024 and sell it today you would earn a total of 259.00 from holding Fidelity Overseas Fund or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Fidelity Overseas Fund vs. Baldwin Lyons
Performance |
| Timeline |
| Fidelity Overseas |
| Baldwin Lyons |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Fidelity Overseas and Baldwin Lyons Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Overseas and Baldwin Lyons
The main advantage of trading using opposite Fidelity Overseas and Baldwin Lyons positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Overseas position performs unexpectedly, Baldwin Lyons 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 Baldwin Lyons will offset losses from the drop in Baldwin Lyons' long position.| Fidelity Overseas vs. Fidelity Small Cap | Fidelity Overseas vs. Fidelity Advisor Mid | Fidelity Overseas vs. Aquagold International | Fidelity Overseas vs. Morningstar Unconstrained Allocation |
| Baldwin Lyons vs. Park Ohio Holdings | Baldwin Lyons vs. Loandepot | Baldwin Lyons vs. Hertz Global Holdings | Baldwin Lyons vs. ChampionX |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |