Correlation Between Hydrogene and Fill Up

Can any of the company-specific risk be diversified away by investing in both Hydrogene and Fill Up 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 Hydrogene and Fill Up into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Hydrogene De France and Fill Up Media, you can compare the effects of market volatilities on Hydrogene and Fill Up 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 Hydrogene with a short position of Fill Up. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hydrogene and Fill Up.

Diversification Opportunities for Hydrogene and Fill Up

-0.49

Correlation Coefficient

Hydrogene  Fill Up

Very good diversification

The 3 months correlation between Hydrogene and Fill is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Hydrogene De France and Fill Up Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fill Up Media and Hydrogene 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 Hydrogene De France are associated (or correlated) with Fill Up. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fill Up Media has no effect on the direction of Hydrogene i.e., Hydrogene and Fill Up go up and down completely randomly.

Pair Corralation between Hydrogene and Fill Up

Assuming the 90 days trading horizon Hydrogene De France is expected to generate 0.92 times more return on investment than Fill Up. However, Hydrogene De France is 1.08 times less risky than Fill Up. It trades about 0.1 of its potential returns per unit of risk. Fill Up Media is currently generating about -0.01 per unit of risk. If you would invest  410.00  in Hydrogene De France on October 5, 2024 and sell it today you would earn a total of  14.00  from holding Hydrogene De France or generate 3.41% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Hydrogene De France  vs.  Fill Up Media

Hydrogene De France

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Hydrogene De France has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's technical and fundamental indicators remain somewhat strong which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Fill Up Media

Risk-Adjusted Performance

9 of 100

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Fill Up Media are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Fill Up reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Hydrogene and Fill Up

The main advantage of trading using opposite Hydrogene and Fill Up positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hydrogene position performs unexpectedly, Fill Up 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 Fill Up will offset losses from the drop in Fill Up's long position.

The idea behind Hydrogene De France and Fill Up Media pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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.