Correlation Between FNB ETN and FNB ETN
Specify exactly 2 symbols:
By analyzing existing cross correlation between FNB ETN on and FNB ETN on, you can compare the effects of market volatilities on FNB ETN and FNB ETN 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 FNB ETN with a short position of FNB ETN. Check out your portfolio center. Please also check ongoing floating volatility patterns of FNB ETN and FNB ETN.
Diversification Opportunities for FNB ETN and FNB ETN
Good diversification
The 3 months correlation between FNB and FNB is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding FNB ETN on and FNB ETN on in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FNB ETN on and FNB ETN 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 FNB ETN on are associated (or correlated) with FNB ETN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FNB ETN on has no effect on the direction of FNB ETN i.e., FNB ETN and FNB ETN go up and down completely randomly.
Pair Corralation between FNB ETN and FNB ETN
Assuming the 90 days trading horizon FNB ETN on is expected to under-perform the FNB ETN. But the etf apears to be less risky and, when comparing its historical volatility, FNB ETN on is 3.23 times less risky than FNB ETN. The etf trades about -0.05 of its potential returns per unit of risk. The FNB ETN on is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 252,600 in FNB ETN on on October 11, 2024 and sell it today you would earn a total of 55,000 from holding FNB ETN on or generate 21.77% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 47.5% |
Values | Daily Returns |
FNB ETN on vs. FNB ETN on
Performance |
Timeline |
FNB ETN on |
FNB ETN on |
FNB ETN and FNB ETN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with FNB ETN and FNB ETN
The main advantage of trading using opposite FNB ETN and FNB ETN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FNB ETN position performs unexpectedly, FNB ETN 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 FNB ETN will offset losses from the drop in FNB ETN's long position.FNB ETN vs. FNB ETN on | FNB ETN vs. FNB ETN GSACHSQ | FNB ETN vs. FNB ETN on | FNB ETN vs. FNB Government Inflation |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |