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Correlation Between Phoenix New and Facebook

Analyzing existing cross correlation between Phoenix New Media Limited and Facebook. You can compare the effects of market volatilities on Phoenix New and Facebook 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 Phoenix New with a short position of Facebook. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phoenix New and Facebook.

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Diversification Opportunities for Phoenix New and Facebook

Phoenix New Media Limited diversification synergy
-0.74
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Pay attention - limited upside

The 3 months correlation between Phoenix and Facebook is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Phoenix New Media Limited and Facebook Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Facebook and Phoenix New 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 Phoenix New Media Limited are associated (or correlated) with Facebook. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Facebook has no effect on the direction of Phoenix New i.e. Phoenix New and Facebook go up and down completely randomly.

Pair Corralation between Phoenix New and Facebook

Given the investment horizon of 30 days, Phoenix New Media Limited is expected to under-perform the Facebook. In addition to that, Phoenix New is 3.44 times more volatile than Facebook. It trades about -0.13 of its total potential returns per unit of risk. Facebook is currently generating about 0.06 per unit of volatility. If you would invest  19,979  in Facebook on January 23, 2020 and sell it today you would earn a total of  1,039  from holding Facebook or generate 5.2% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Phoenix New Media Limited  vs.  Facebook Inc

 Performance (%) 
    
  Timeline 
Phoenix New Media 
00

Risk-Adjusted Performance

Over the last 30 days Phoenix New Media Limited has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental drivers remain rather sound which may send shares a bit higher in March 2020. The ongoing tumult may also be a sign of longer-term up-swing for the firm shareholders.
Facebook 
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Facebook are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat strong basic indicators, Facebook is not utilizing all of its potentials. The continuing stock price disturbance, may contribute to short term losses for the investors.

Phoenix New and Facebook Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.