Correlation Between Franklin Convertible and 17136MAB8
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By analyzing existing cross correlation between Franklin Vertible Securities and CHD 5 15 JUN 52, you can compare the effects of market volatilities on Franklin Convertible and 17136MAB8 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 Convertible with a short position of 17136MAB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Convertible and 17136MAB8.
Diversification Opportunities for Franklin Convertible and 17136MAB8
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Franklin and 17136MAB8 is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Vertible Securities and CHD 5 15 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 17136MAB8 and Franklin Convertible 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 Vertible Securities are associated (or correlated) with 17136MAB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 17136MAB8 has no effect on the direction of Franklin Convertible i.e., Franklin Convertible and 17136MAB8 go up and down completely randomly.
Pair Corralation between Franklin Convertible and 17136MAB8
Assuming the 90 days horizon Franklin Vertible Securities is expected to generate 0.27 times more return on investment than 17136MAB8. However, Franklin Vertible Securities is 3.77 times less risky than 17136MAB8. It trades about 0.06 of its potential returns per unit of risk. CHD 5 15 JUN 52 is currently generating about 0.01 per unit of risk. If you would invest 1,993 in Franklin Vertible Securities on October 12, 2024 and sell it today you would earn a total of 317.00 from holding Franklin Vertible Securities or generate 15.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 57.58% |
Values | Daily Returns |
Franklin Vertible Securities vs. CHD 5 15 JUN 52
Performance |
Timeline |
Franklin Convertible |
17136MAB8 |
Franklin Convertible and 17136MAB8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Franklin Convertible and 17136MAB8
The main advantage of trading using opposite Franklin Convertible and 17136MAB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Convertible position performs unexpectedly, 17136MAB8 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 17136MAB8 will offset losses from the drop in 17136MAB8's long position.Franklin Convertible vs. Qs Large Cap | Franklin Convertible vs. Versatile Bond Portfolio | Franklin Convertible vs. Tax Managed Large Cap | Franklin Convertible vs. Arrow Managed Futures |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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