Correlation Between INTNED and Franklin Street
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By analyzing existing cross correlation between INTNED 4252 28 MAR 33 and Franklin Street Properties, you can compare the effects of market volatilities on INTNED and Franklin Street 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 INTNED with a short position of Franklin Street. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTNED and Franklin Street.
Diversification Opportunities for INTNED and Franklin Street
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTNED and Franklin is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding INTNED 4252 28 MAR 33 and Franklin Street Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Street Prop and INTNED 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 INTNED 4252 28 MAR 33 are associated (or correlated) with Franklin Street. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Street Prop has no effect on the direction of INTNED i.e., INTNED and Franklin Street go up and down completely randomly.
Pair Corralation between INTNED and Franklin Street
Assuming the 90 days trading horizon INTNED 4252 28 MAR 33 is expected to under-perform the Franklin Street. But the bond apears to be less risky and, when comparing its historical volatility, INTNED 4252 28 MAR 33 is 2.01 times less risky than Franklin Street. The bond trades about -0.19 of its potential returns per unit of risk. The Franklin Street Properties is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 175.00 in Franklin Street Properties on September 25, 2024 and sell it today you would earn a total of 15.00 from holding Franklin Street Properties or generate 8.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 88.1% |
Values | Daily Returns |
INTNED 4252 28 MAR 33 vs. Franklin Street Properties
Performance |
Timeline |
INTNED 4252 28 |
Franklin Street Prop |
INTNED and Franklin Street Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INTNED and Franklin Street
The main advantage of trading using opposite INTNED and Franklin Street positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTNED position performs unexpectedly, Franklin Street 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 Franklin Street will offset losses from the drop in Franklin Street's long position.INTNED vs. Analog Devices | INTNED vs. Bassett Furniture Industries | INTNED vs. Smith Douglas Homes | INTNED vs. Addus HomeCare |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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