Correlation Between Academy Sports and ACGCAP
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By analyzing existing cross correlation between Academy Sports Outdoors and ACGCAP 195 30 JAN 26, you can compare the effects of market volatilities on Academy Sports and ACGCAP 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 Academy Sports with a short position of ACGCAP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Academy Sports and ACGCAP.
Diversification Opportunities for Academy Sports and ACGCAP
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Academy and ACGCAP is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Academy Sports Outdoors and ACGCAP 195 30 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACGCAP 195 30 and Academy Sports 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 Academy Sports Outdoors are associated (or correlated) with ACGCAP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACGCAP 195 30 has no effect on the direction of Academy Sports i.e., Academy Sports and ACGCAP go up and down completely randomly.
Pair Corralation between Academy Sports and ACGCAP
Considering the 90-day investment horizon Academy Sports Outdoors is expected to generate 1.38 times more return on investment than ACGCAP. However, Academy Sports is 1.38 times more volatile than ACGCAP 195 30 JAN 26. It trades about -0.14 of its potential returns per unit of risk. ACGCAP 195 30 JAN 26 is currently generating about -0.22 per unit of risk. If you would invest 5,654 in Academy Sports Outdoors on November 3, 2024 and sell it today you would lose (423.00) from holding Academy Sports Outdoors or give up 7.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Academy Sports Outdoors vs. ACGCAP 195 30 JAN 26
Performance |
| Timeline |
| Academy Sports Outdoors |
| ACGCAP 195 30 |
Academy Sports and ACGCAP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Academy Sports and ACGCAP
The main advantage of trading using opposite Academy Sports and ACGCAP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Academy Sports position performs unexpectedly, ACGCAP 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 ACGCAP will offset losses from the drop in ACGCAP's long position.| Academy Sports vs. Williams Sonoma | Academy Sports vs. AutoZone | Academy Sports vs. Ulta Beauty | Academy Sports vs. Best Buy Co |
| ACGCAP vs. Cedar Realty Trust | ACGCAP vs. Western Acquisition Ventures | ACGCAP vs. Inflection Point Acquisition | ACGCAP vs. Proficient Auto Logistics, |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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