Correlation Between Fidelity Sai and Regional Bank
Can any of the company-specific risk be diversified away by investing in both Fidelity Sai and Regional Bank 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 Sai and Regional Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Sai Convertible and Regional Bank Fund, you can compare the effects of market volatilities on Fidelity Sai and Regional Bank 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 Sai with a short position of Regional Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Sai and Regional Bank.
Diversification Opportunities for Fidelity Sai and Regional Bank
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fidelity and Regional is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sai Convertible and Regional Bank Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regional Bank and Fidelity Sai 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 Sai Convertible are associated (or correlated) with Regional Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regional Bank has no effect on the direction of Fidelity Sai i.e., Fidelity Sai and Regional Bank go up and down completely randomly.
Pair Corralation between Fidelity Sai and Regional Bank
Assuming the 90 days horizon Fidelity Sai Convertible is expected to generate 0.12 times more return on investment than Regional Bank. However, Fidelity Sai Convertible is 8.3 times less risky than Regional Bank. It trades about 0.28 of its potential returns per unit of risk. Regional Bank Fund is currently generating about 0.03 per unit of risk. If you would invest 1,118 in Fidelity Sai Convertible on September 9, 2025 and sell it today you would earn a total of 35.00 from holding Fidelity Sai Convertible or generate 3.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Sai Convertible vs. Regional Bank Fund
Performance |
| Timeline |
| Fidelity Sai Convertible |
| Regional Bank |
Fidelity Sai and Regional Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Sai and Regional Bank
The main advantage of trading using opposite Fidelity Sai and Regional Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Sai position performs unexpectedly, Regional Bank 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 Regional Bank will offset losses from the drop in Regional Bank's long position.| Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Aqr Diversified Arbitrage |
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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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