Correlation Between Full Truck and RAYTHEON
Specify exactly 2 symbols:
By analyzing existing cross correlation between Full Truck Alliance and RAYTHEON TECHNOLOGIES PORATION, you can compare the effects of market volatilities on Full Truck and RAYTHEON 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 Full Truck with a short position of RAYTHEON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Full Truck and RAYTHEON.
Diversification Opportunities for Full Truck and RAYTHEON
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Full and RAYTHEON is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Full Truck Alliance and RAYTHEON TECHNOLOGIES PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RAYTHEON TECHNOLOGIES and Full Truck 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 Full Truck Alliance are associated (or correlated) with RAYTHEON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RAYTHEON TECHNOLOGIES has no effect on the direction of Full Truck i.e., Full Truck and RAYTHEON go up and down completely randomly.
Pair Corralation between Full Truck and RAYTHEON
Considering the 90-day investment horizon Full Truck Alliance is expected to generate 1.64 times more return on investment than RAYTHEON. However, Full Truck is 1.64 times more volatile than RAYTHEON TECHNOLOGIES PORATION. It trades about 0.24 of its potential returns per unit of risk. RAYTHEON TECHNOLOGIES PORATION is currently generating about 0.08 per unit of risk. If you would invest 949.00 in Full Truck Alliance on September 24, 2024 and sell it today you would earn a total of 183.00 from holding Full Truck Alliance or generate 19.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Full Truck Alliance vs. RAYTHEON TECHNOLOGIES PORATION
Performance |
Timeline |
Full Truck Alliance |
RAYTHEON TECHNOLOGIES |
Full Truck and RAYTHEON Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Full Truck and RAYTHEON
The main advantage of trading using opposite Full Truck and RAYTHEON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Full Truck position performs unexpectedly, RAYTHEON 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 RAYTHEON will offset losses from the drop in RAYTHEON's long position.Full Truck vs. Dubber Limited | Full Truck vs. Advanced Health Intelligence | Full Truck vs. Danavation Technologies Corp | Full Truck vs. BASE Inc |
RAYTHEON vs. GMS Inc | RAYTHEON vs. CVW CleanTech | RAYTHEON vs. Cleantech Power Corp | RAYTHEON vs. Brenmiller Energy Ltd |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |