Correlation Between Foxx Development and NetApp
Can any of the company-specific risk be diversified away by investing in both Foxx Development and NetApp 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 Foxx Development and NetApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Foxx Development Holdings and NetApp Inc, you can compare the effects of market volatilities on Foxx Development and NetApp 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 Foxx Development with a short position of NetApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Foxx Development and NetApp.
Diversification Opportunities for Foxx Development and NetApp
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Foxx and NetApp is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Foxx Development Holdings and NetApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetApp Inc and Foxx Development 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 Foxx Development Holdings are associated (or correlated) with NetApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetApp Inc has no effect on the direction of Foxx Development i.e., Foxx Development and NetApp go up and down completely randomly.
Pair Corralation between Foxx Development and NetApp
Given the investment horizon of 90 days Foxx Development Holdings is expected to under-perform the NetApp. In addition to that, Foxx Development is 3.0 times more volatile than NetApp Inc. It trades about -0.06 of its total potential returns per unit of risk. NetApp Inc is currently generating about 0.1 per unit of volatility. If you would invest 10,699 in NetApp Inc on July 20, 2025 and sell it today you would earn a total of 1,208 from holding NetApp Inc or generate 11.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Foxx Development Holdings vs. NetApp Inc
Performance |
| Timeline |
| Foxx Development Holdings |
| NetApp Inc |
Foxx Development and NetApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Foxx Development and NetApp
The main advantage of trading using opposite Foxx Development and NetApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Foxx Development position performs unexpectedly, NetApp 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 NetApp will offset losses from the drop in NetApp's long position.| Foxx Development vs. NETCLASS TECHNOLOGY INC | Foxx Development vs. Data IO | Foxx Development vs. Nortech Systems Incorporated | Foxx Development vs. BOS Better Online |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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