Correlation Between Fidus Investment and Delaware Investments
Can any of the company-specific risk be diversified away by investing in both Fidus Investment and Delaware Investments 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 Fidus Investment and Delaware Investments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidus Investment Corp and Delaware Investments Florida, you can compare the effects of market volatilities on Fidus Investment and Delaware Investments 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 Fidus Investment with a short position of Delaware Investments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidus Investment and Delaware Investments.
Diversification Opportunities for Fidus Investment and Delaware Investments
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fidus and Delaware is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Fidus Investment Corp and Delaware Investments Florida in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delaware Investments and Fidus Investment 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 Fidus Investment Corp are associated (or correlated) with Delaware Investments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delaware Investments has no effect on the direction of Fidus Investment i.e., Fidus Investment and Delaware Investments go up and down completely randomly.
Pair Corralation between Fidus Investment and Delaware Investments
Given the investment horizon of 90 days Fidus Investment Corp is expected to generate 1.06 times more return on investment than Delaware Investments. However, Fidus Investment is 1.06 times more volatile than Delaware Investments Florida. It trades about 0.18 of its potential returns per unit of risk. Delaware Investments Florida is currently generating about -0.13 per unit of risk. If you would invest 1,976 in Fidus Investment Corp on September 15, 2024 and sell it today you would earn a total of 162.00 from holding Fidus Investment Corp or generate 8.2% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Fidus Investment Corp vs. Delaware Investments Florida
Performance |
Timeline |
Fidus Investment Corp |
Delaware Investments |
Fidus Investment and Delaware Investments Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fidus Investment and Delaware Investments
The main advantage of trading using opposite Fidus Investment and Delaware Investments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidus Investment position performs unexpectedly, Delaware Investments 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 Delaware Investments will offset losses from the drop in Delaware Investments' long position.Fidus Investment vs. Visa Class A | ||
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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