Correlation Between Franklin Wireless and ScanTech
Can any of the company-specific risk be diversified away by investing in both Franklin Wireless and ScanTech 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 Franklin Wireless and ScanTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Franklin Wireless Corp and ScanTech AI Systems, you can compare the effects of market volatilities on Franklin Wireless and ScanTech 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 Franklin Wireless with a short position of ScanTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Franklin Wireless and ScanTech.
Diversification Opportunities for Franklin Wireless and ScanTech
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Franklin and ScanTech is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Wireless Corp and ScanTech AI Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScanTech AI Systems and Franklin Wireless 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 Franklin Wireless Corp are associated (or correlated) with ScanTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScanTech AI Systems has no effect on the direction of Franklin Wireless i.e., Franklin Wireless and ScanTech go up and down completely randomly.
Pair Corralation between Franklin Wireless and ScanTech
Given the investment horizon of 90 days Franklin Wireless Corp is expected to generate 0.16 times more return on investment than ScanTech. However, Franklin Wireless Corp is 6.28 times less risky than ScanTech. It trades about 0.0 of its potential returns per unit of risk. ScanTech AI Systems is currently generating about -0.03 per unit of risk. If you would invest 407.00 in Franklin Wireless Corp on June 12, 2025 and sell it today you would lose (4.00) from holding Franklin Wireless Corp or give up 0.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Franklin Wireless Corp vs. ScanTech AI Systems
Performance |
| Timeline |
| Franklin Wireless Corp |
| ScanTech AI Systems |
Franklin Wireless and ScanTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Franklin Wireless and ScanTech
The main advantage of trading using opposite Franklin Wireless and ScanTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Franklin Wireless position performs unexpectedly, ScanTech 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 ScanTech will offset losses from the drop in ScanTech's long position.| Franklin Wireless vs. BeWhere Holdings | Franklin Wireless vs. Collplant Biotechnologies | Franklin Wireless vs. Crexendo | Franklin Wireless vs. Electronic Systems Technology |
| ScanTech vs. ASE Industrial Holding | ScanTech vs. Kaiser Aluminum | ScanTech vs. Lion One Metals | ScanTech vs. Titan America SA |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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