Correlation Between FGI Industries and Workhorse
Can any of the company-specific risk be diversified away by investing in both FGI Industries and Workhorse 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 FGI Industries and Workhorse into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FGI Industries and Workhorse Group, you can compare the effects of market volatilities on FGI Industries and Workhorse 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 FGI Industries with a short position of Workhorse. Check out your portfolio center. Please also check ongoing floating volatility patterns of FGI Industries and Workhorse.
Diversification Opportunities for FGI Industries and Workhorse
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FGI and Workhorse is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding FGI Industries and Workhorse Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Workhorse Group and FGI Industries 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 FGI Industries are associated (or correlated) with Workhorse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Workhorse Group has no effect on the direction of FGI Industries i.e., FGI Industries and Workhorse go up and down completely randomly.
Pair Corralation between FGI Industries and Workhorse
Considering the 90-day investment horizon FGI Industries is expected to generate 5.61 times more return on investment than Workhorse. However, FGI Industries is 5.61 times more volatile than Workhorse Group. It trades about 0.08 of its potential returns per unit of risk. Workhorse Group is currently generating about -0.42 per unit of risk. If you would invest 376.00 in FGI Industries on August 18, 2025 and sell it today you would earn a total of 128.00 from holding FGI Industries or generate 34.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FGI Industries vs. Workhorse Group
Performance |
| Timeline |
| FGI Industries |
| Workhorse Group |
FGI Industries and Workhorse Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FGI Industries and Workhorse
The main advantage of trading using opposite FGI Industries and Workhorse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FGI Industries position performs unexpectedly, Workhorse 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 Workhorse will offset losses from the drop in Workhorse's long position.| FGI Industries vs. Aterian | FGI Industries vs. LOBO EV TECHNOLOGIES | FGI Industries vs. DSS Inc | FGI Industries vs. Cenntro Electric Group |
| Workhorse vs. Carbon Revolution Public | Workhorse vs. Fly E Group, Common | Workhorse vs. Yunji Inc | Workhorse vs. Cenntro Electric Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
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