FNGA New Correlations

Summary

FNGA Stock

433.90 0.00 0.00%

The correlation of FNGA New is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

FNGA New Correlation With Market

Significant diversification

The correlation between FNGA New and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FNGA New and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with FNGA Stock

Check out Investing Opportunities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving against FNGA Stock

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0.74	MSFT	Microsoft	Pair Corr
0.7	AMZN	Amazon Inc	Pair Corr
0.7	TLK	Telkom Indonesia Tbk	Pair Corr
0.69	AVGO	Broadcom Aggressive Push	Pair Corr
0.68	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.66	PBCRF	PT Bank Central Earnings Call This Week	Pair Corr
0.59	NVDA	NVIDIA Aggressive Push	Pair Corr
0.58	PPERF	Bank Mandiri Persero	Pair Corr
0.54	GOOG	Alphabet Class C Earnings Call Today	Pair Corr
0.51	BKRKF	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.5	PPERY	Bank Mandiri Persero	Pair Corr
0.49	EC	Ecopetrol SA ADR	Pair Corr
0.46	BMYMP	Bristol Myers Squibb	Pair Corr
0.45	PTAIY	Astra International Tbk	Pair Corr
0.77	DIS	Walt Disney	Pair Corr
0.76	GE	GE Aerospace Earnings Call Tomorrow	Pair Corr
0.7	BAC	Bank of America	Pair Corr
0.67	CSCO	Cisco Systems	Pair Corr
0.58	AA	Alcoa Corp	Pair Corr
0.57	CAT	Caterpillar	Pair Corr
0.54	MMM	3M Company	Pair Corr
0.51	WMT	Walmart Sell-off Trend	Pair Corr
0.49	T	ATT Inc Earnings Call This Week	Pair Corr
0.49	PFE	Pfizer Inc	Pair Corr
0.49	DD	Dupont De Nemours	Pair Corr
0.42	CVX	Chevron Corp	Pair Corr
0.4	HD	Home Depot	Pair Corr

Related Correlations Analysis

	EGDFF	BDC	TX	TWI	BORR	MAANF	DTI	CENX
EGDFF		0.0	0.0	0.0	0.0	0.0	0.0	0.0	EGDFF
BDC	0.0		0.88	0.79	0.33	0.62	0.47	0.69	BDC
TX	0.0	0.88		0.86	0.47	0.65	0.56	0.69	TX
TWI	0.0	0.79	0.86		0.66	0.71	0.6	0.71	TWI
BORR	0.0	0.33	0.47	0.66		0.51	0.55	0.58	BORR
MAANF	0.0	0.62	0.65	0.71	0.51		0.73	0.65	MAANF
DTI	0.0	0.47	0.56	0.6	0.55	0.73		0.42	DTI
CENX	0.0	0.69	0.69	0.71	0.58	0.65	0.42		CENX
	EGDFF	BDC	TX	TWI	BORR	MAANF	DTI	CENX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TX	+ 0.88	BDC
TWI	+ 0.86	TX
TWI	+ 0.79	BDC
DTI	+ 0.73	MAANF
MAANF	+ 0.71	TWI
CENX	+ 0.71	TWI

High negative correlations

CENX	- 0.0	EGDFF
DTI	- 0.0	EGDFF
MAANF	- 0.0	EGDFF
BORR	- 0.0	EGDFF
TWI	- 0.0	EGDFF
TX	- 0.0	EGDFF

Risk-Adjusted Indicators

There is a big difference between FNGA Stock performing well and FNGA New Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze FNGA New's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EGDFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BDC	1.42	0.28	0.25	0.34	0.94	(1.73)	3.59	(1.95)	8.42
TX	1.44	0.23	0.10	0.72	1.19	(1.81)	3.66	(2.19)	8.83
TWI	2.83	0.20	0.10	0.23	2.86	(3.54)	8.40	(3.86)	19.44
BORR	3.12	(0.06)	(0.03)	0.04	3.26	(4.16)	7.19	(6.08)	15.40
MAANF	0.14	0.06	0.00	(5.12)	0.00	0.00	0.00	0.00	4.55
DTI	3.49	0.24	0.06	0.29	4.36	(3.56)	6.49	(7.61)	19.64
CENX	2.57	0.25	0.13	0.33	2.00	(3.56)	5.79	(3.83)	25.61

FNGA New Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with FNGA New stock to make a market-neutral strategy. Peer analysis of FNGA New could also be used in its relative valuation, which is a method of valuing FNGA New by comparing valuation metrics with similar companies.

Energold Drilling Corp Belden Inc Ternium SA ADR Titan International Borr Drilling Maanshan Iron Steel Drilling Tools International Century Aluminum American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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