Correlation Between Fidelity National and Chemtrade Logistics
Can any of the company-specific risk be diversified away by investing in both Fidelity National and Chemtrade Logistics 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 Fidelity National and Chemtrade Logistics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity National Information and Chemtrade Logistics Income, you can compare the effects of market volatilities on Fidelity National and Chemtrade Logistics 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 Fidelity National with a short position of Chemtrade Logistics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity National and Chemtrade Logistics.
Diversification Opportunities for Fidelity National and Chemtrade Logistics
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fidelity and Chemtrade is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity National Information and Chemtrade Logistics Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chemtrade Logistics and Fidelity National 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 Fidelity National Information are associated (or correlated) with Chemtrade Logistics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chemtrade Logistics has no effect on the direction of Fidelity National i.e., Fidelity National and Chemtrade Logistics go up and down completely randomly.
Pair Corralation between Fidelity National and Chemtrade Logistics
Considering the 90-day investment horizon Fidelity National Information is expected to under-perform the Chemtrade Logistics. But the stock apears to be less risky and, when comparing its historical volatility, Fidelity National Information is 1.17 times less risky than Chemtrade Logistics. The stock trades about 0.0 of its potential returns per unit of risk. The Chemtrade Logistics Income is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 920.00 in Chemtrade Logistics Income on September 10, 2025 and sell it today you would earn a total of 95.00 from holding Chemtrade Logistics Income or generate 10.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity National Information vs. Chemtrade Logistics Income
Performance |
| Timeline |
| Fidelity National |
| Chemtrade Logistics |
Fidelity National and Chemtrade Logistics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity National and Chemtrade Logistics
The main advantage of trading using opposite Fidelity National and Chemtrade Logistics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity National position performs unexpectedly, Chemtrade Logistics 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 Chemtrade Logistics will offset losses from the drop in Chemtrade Logistics' long position.| Fidelity National vs. Cognizant Technology Solutions | Fidelity National vs. Pure Storage | Fidelity National vs. Broadridge Financial Solutions | Fidelity National vs. Wipro Limited ADR |
| Chemtrade Logistics vs. Showa Denko KK | Chemtrade Logistics vs. Nitto Denko Corp | Chemtrade Logistics vs. Showa Denko KK | Chemtrade Logistics vs. AGC Inc ADR |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| 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 | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |