Correlation Analysis Between Micron Technology and Fabrinet

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

Comparative Performance

Micron Technology  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Micron Technology are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unchanging essential indicators, Micron Technology is not utilizing all of its potentials. The existing stock price uproar, may contribute to short horizon losses for the leadership.
Fabrinet  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Fabrinet are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Allthough quite uncertain forward indicators, Fabrinet may actually be approaching a critical reversion point that can send shares even higher in January 2020.

Micron Technology and Fabrinet Volatility Contrast

 Predicted Return Density 
      Returns 

Micron Technology Inc  vs.  Fabrinet

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Micron Technology is expected to generate 4.09 times less return on investment than Fabrinet. In addition to that, Micron Technology is 1.48 times more volatile than Fabrinet. It trades about 0.02 of its total potential returns per unit of risk. Fabrinet is currently generating about 0.1 per unit of volatility. If you would invest  5,598  in Fabrinet on November 12, 2019 and sell it today you would earn a total of  638.00  from holding Fabrinet or generate 11.4% return on investment over 30 days.

Pair Corralation between Micron Technology and Fabrinet

0.4
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Micron Technology and Fabrinet

Micron Technology Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Micron Technology Inc and Fabrinet in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Fabrinet and Micron Technology 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 Micron Technology are associated (or correlated) with Fabrinet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fabrinet has no effect on the direction of Micron Technology i.e. Micron Technology and Fabrinet go up and down completely randomly.
See also your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.


 
Search macroaxis.com