Correlation Between American Beacon and Fidelity Series
Can any of the company-specific risk be diversified away by investing in both American Beacon and Fidelity Series 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 American Beacon and Fidelity Series into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between American Beacon Mid Cap and Fidelity Series Intrinsic, you can compare the effects of market volatilities on American Beacon and Fidelity Series 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 American Beacon with a short position of Fidelity Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Beacon and Fidelity Series.
Diversification Opportunities for American Beacon and Fidelity Series
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between American and Fidelity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding American Beacon Mid Cap and Fidelity Series Intrinsic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Series Intrinsic and American Beacon 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 American Beacon Mid Cap are associated (or correlated) with Fidelity Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Series Intrinsic has no effect on the direction of American Beacon i.e., American Beacon and Fidelity Series go up and down completely randomly.
Pair Corralation between American Beacon and Fidelity Series
If you would invest (100.00) in American Beacon Mid Cap on January 25, 2024 and sell it today you would earn a total of 100.00 from holding American Beacon Mid Cap or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
American Beacon Mid Cap vs. Fidelity Series Intrinsic
Performance |
| Timeline |
| American Beacon Mid |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Fidelity Series Intrinsic |
American Beacon and Fidelity Series Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Beacon and Fidelity Series
The main advantage of trading using opposite American Beacon and Fidelity Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Beacon position performs unexpectedly, Fidelity Series 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 Fidelity Series will offset losses from the drop in Fidelity Series' long position.| American Beacon vs. Lord Abbett Diversified | American Beacon vs. Fidelity Advisor Diversified | American Beacon vs. Elfun Diversified Fund | American Beacon vs. Delaware Limited Term Diversified |
| Fidelity Series vs. Clipper Fund Inc | Fidelity Series vs. Blackrock Value Opps | Fidelity Series vs. Third Avenue Value |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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