Correlation Between Bright Scholar and KROGER
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By analyzing existing cross correlation between Bright Scholar Education and KROGER 445 percent, you can compare the effects of market volatilities on Bright Scholar and KROGER 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 Bright Scholar with a short position of KROGER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and KROGER.
Diversification Opportunities for Bright Scholar and KROGER
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bright and KROGER is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and KROGER 445 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KROGER 445 percent and Bright Scholar 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 Bright Scholar Education are associated (or correlated) with KROGER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KROGER 445 percent has no effect on the direction of Bright Scholar i.e., Bright Scholar and KROGER go up and down completely randomly.
Pair Corralation between Bright Scholar and KROGER
Given the investment horizon of 90 days Bright Scholar is expected to generate 84.69 times less return on investment than KROGER. But when comparing it to its historical volatility, Bright Scholar Education is 13.86 times less risky than KROGER. It trades about 0.01 of its potential returns per unit of risk. KROGER 445 percent is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 9,012 in KROGER 445 percent on September 5, 2024 and sell it today you would lose (350.00) from holding KROGER 445 percent or give up 3.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 83.91% |
| Values | Daily Returns |
Bright Scholar Education vs. KROGER 445 percent
Performance |
| Timeline |
| Bright Scholar Education |
| KROGER 445 percent |
Bright Scholar and KROGER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and KROGER
The main advantage of trading using opposite Bright Scholar and KROGER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, KROGER 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 KROGER will offset losses from the drop in KROGER's long position.| Bright Scholar vs. Laureate Education | Bright Scholar vs. China Liberal Education | Bright Scholar vs. Adtalem Global Education | Bright Scholar vs. Grand Canyon Education |
| KROGER vs. Relx PLC ADR | KROGER vs. Bright Scholar Education | KROGER vs. Alvotech | KROGER vs. Pearson PLC ADR |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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