Correlation Between Franklin Wireless and SUPERVALU INC
Can any of the company-specific risk be diversified away by investing in both Franklin Wireless and SUPERVALU INC 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 Franklin Wireless and SUPERVALU INC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Franklin Wireless Corp and SUPERVALU INC, you can compare the effects of market volatilities on Franklin Wireless and SUPERVALU INC 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 Franklin Wireless with a short position of SUPERVALU INC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Wireless and SUPERVALU INC.
Diversification Opportunities for Franklin Wireless and SUPERVALU INC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Franklin and SUPERVALU is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Wireless Corp and SUPERVALU INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUPERVALU INC and Franklin Wireless 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 Franklin Wireless Corp are associated (or correlated) with SUPERVALU INC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUPERVALU INC has no effect on the direction of Franklin Wireless i.e., Franklin Wireless and SUPERVALU INC go up and down completely randomly.
Pair Corralation between Franklin Wireless and SUPERVALU INC
If you would invest 288.00 in Franklin Wireless Corp on February 28, 2024 and sell it today you would earn a total of 22.00 from holding Franklin Wireless Corp or generate 7.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Franklin Wireless Corp vs. SUPERVALU INC
Performance |
Timeline |
Franklin Wireless Corp |
SUPERVALU INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Franklin Wireless and SUPERVALU INC Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Franklin Wireless and SUPERVALU INC
The main advantage of trading using opposite Franklin Wireless and SUPERVALU INC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Wireless position performs unexpectedly, SUPERVALU INC 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 SUPERVALU INC will offset losses from the drop in SUPERVALU INC's long position.Franklin Wireless vs. Ituran Location and | Franklin Wireless vs. Mynaric AG ADR | Franklin Wireless vs. Harmonic | Franklin Wireless vs. Juniper Networks |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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