Correlation Between Fidelis Insurance and Topsports International
Can any of the company-specific risk be diversified away by investing in both Fidelis Insurance and Topsports International 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 Fidelis Insurance and Topsports International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelis Insurance Holdings and Topsports International Holdings, you can compare the effects of market volatilities on Fidelis Insurance and Topsports International 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 Fidelis Insurance with a short position of Topsports International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelis Insurance and Topsports International.
Diversification Opportunities for Fidelis Insurance and Topsports International
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Fidelis and Topsports is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Fidelis Insurance Holdings and Topsports International Holdin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Topsports International and Fidelis Insurance 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 Fidelis Insurance Holdings are associated (or correlated) with Topsports International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Topsports International has no effect on the direction of Fidelis Insurance i.e., Fidelis Insurance and Topsports International go up and down completely randomly.
Pair Corralation between Fidelis Insurance and Topsports International
Given the investment horizon of 90 days Fidelis Insurance Holdings is expected to generate 0.45 times more return on investment than Topsports International. However, Fidelis Insurance Holdings is 2.24 times less risky than Topsports International. It trades about 0.09 of its potential returns per unit of risk. Topsports International Holdings is currently generating about 0.03 per unit of risk. If you would invest 1,727 in Fidelis Insurance Holdings on September 11, 2025 and sell it today you would earn a total of 133.00 from holding Fidelis Insurance Holdings or generate 7.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Fidelis Insurance Holdings vs. Topsports International Holdin
Performance |
| Timeline |
| Fidelis Insurance |
| Topsports International |
Fidelis Insurance and Topsports International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelis Insurance and Topsports International
The main advantage of trading using opposite Fidelis Insurance and Topsports International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelis Insurance position performs unexpectedly, Topsports International 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 Topsports International will offset losses from the drop in Topsports International's long position.| Fidelis Insurance vs. Siriuspoint | Fidelis Insurance vs. Aspen Insurance Holdings | Fidelis Insurance vs. The Baldwin Insurance | Fidelis Insurance vs. Skyward Specialty Insurance |
| Topsports International vs. Xtep International Holdings | Topsports International vs. Yamada Holdings Co | Topsports International vs. Nifco Inc ADR | Topsports International vs. Dixons Carphone plc |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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