Correlation Between EAT WELL and PennantPark Investment

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Can any of the company-specific risk be diversified away by investing in both EAT WELL and PennantPark Investment 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 EAT WELL and PennantPark Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EAT WELL INVESTMENT and PennantPark Investment, you can compare the effects of market volatilities on EAT WELL and PennantPark Investment 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 EAT WELL with a short position of PennantPark Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of EAT WELL and PennantPark Investment.

Diversification Opportunities for EAT WELL and PennantPark Investment

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between EAT and PennantPark is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EAT WELL INVESTMENT and PennantPark Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PennantPark Investment and EAT WELL 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 EAT WELL INVESTMENT are associated (or correlated) with PennantPark Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PennantPark Investment has no effect on the direction of EAT WELL i.e., EAT WELL and PennantPark Investment go up and down completely randomly.

Pair Corralation between EAT WELL and PennantPark Investment

If you would invest  635.00  in PennantPark Investment on October 20, 2024 and sell it today you would earn a total of  53.00  from holding PennantPark Investment or generate 8.35% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy94.44%
ValuesDaily Returns

EAT WELL INVESTMENT  vs.  PennantPark Investment

 Performance 
       Timeline  
EAT WELL INVESTMENT 

Risk-Adjusted Performance

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Over the last 90 days EAT WELL INVESTMENT has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, EAT WELL is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
PennantPark Investment 

Risk-Adjusted Performance

7 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in PennantPark Investment are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, PennantPark Investment reported solid returns over the last few months and may actually be approaching a breakup point.

EAT WELL and PennantPark Investment Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with EAT WELL and PennantPark Investment

The main advantage of trading using opposite EAT WELL and PennantPark Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EAT WELL position performs unexpectedly, PennantPark Investment 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 PennantPark Investment will offset losses from the drop in PennantPark Investment's long position.
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The idea behind EAT WELL INVESTMENT and PennantPark Investment pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.

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