Correlation Between Fkhemx and Guidepath Flexible
Can any of the company-specific risk be diversified away by investing in both Fkhemx and Guidepath Flexible 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 Fkhemx and Guidepath Flexible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fkhemx and Guidepath Flexible Income, you can compare the effects of market volatilities on Fkhemx and Guidepath Flexible 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 Fkhemx with a short position of Guidepath Flexible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fkhemx and Guidepath Flexible.
Diversification Opportunities for Fkhemx and Guidepath Flexible
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fkhemx and Guidepath is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Fkhemx and Guidepath Flexible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guidepath Flexible Income and Fkhemx 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 Fkhemx are associated (or correlated) with Guidepath Flexible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guidepath Flexible Income has no effect on the direction of Fkhemx i.e., Fkhemx and Guidepath Flexible go up and down completely randomly.
Pair Corralation between Fkhemx and Guidepath Flexible
Assuming the 90 days trading horizon Fkhemx is expected to generate 5.85 times more return on investment than Guidepath Flexible. However, Fkhemx is 5.85 times more volatile than Guidepath Flexible Income. It trades about 0.21 of its potential returns per unit of risk. Guidepath Flexible Income is currently generating about 0.33 per unit of risk. If you would invest 1,064 in Fkhemx on May 29, 2025 and sell it today you would earn a total of 93.00 from holding Fkhemx or generate 8.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Fkhemx vs. Guidepath Flexible Income
Performance |
| Timeline |
| Fkhemx |
| Guidepath Flexible Income |
Fkhemx and Guidepath Flexible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fkhemx and Guidepath Flexible
The main advantage of trading using opposite Fkhemx and Guidepath Flexible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fkhemx position performs unexpectedly, Guidepath Flexible 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 Guidepath Flexible will offset losses from the drop in Guidepath Flexible's long position.| Fkhemx vs. Vanguard Total Stock | Fkhemx vs. Vanguard 500 Index | Fkhemx vs. Vanguard Total Stock | Fkhemx vs. Vanguard Total Stock |
| Guidepath Flexible vs. Vanguard Energy Index | Guidepath Flexible vs. Franklin Natural Resources | Guidepath Flexible vs. Firsthand Alternative Energy | Guidepath Flexible vs. World Energy Fund |
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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