Correlation Between Bright Scholar and LOWES
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By analyzing existing cross correlation between Bright Scholar Education and LOWES PANIES INC, you can compare the effects of market volatilities on Bright Scholar and LOWES 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 LOWES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and LOWES.
Diversification Opportunities for Bright Scholar and LOWES
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bright and LOWES is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and LOWES PANIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOWES PANIES INC 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 LOWES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOWES PANIES INC has no effect on the direction of Bright Scholar i.e., Bright Scholar and LOWES go up and down completely randomly.
Pair Corralation between Bright Scholar and LOWES
Given the investment horizon of 90 days Bright Scholar Education is expected to generate 2.06 times more return on investment than LOWES. However, Bright Scholar is 2.06 times more volatile than LOWES PANIES INC. It trades about 0.11 of its potential returns per unit of risk. LOWES PANIES INC is currently generating about -0.06 per unit of risk. If you would invest 188.00 in Bright Scholar Education on September 13, 2024 and sell it today you would earn a total of 26.00 from holding Bright Scholar Education or generate 13.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.56% |
| Values | Daily Returns |
Bright Scholar Education vs. LOWES PANIES INC
Performance |
| Timeline |
| Bright Scholar Education |
| LOWES PANIES INC |
Bright Scholar and LOWES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and LOWES
The main advantage of trading using opposite Bright Scholar and LOWES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, LOWES 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 LOWES will offset losses from the drop in LOWES'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 |
| LOWES vs. National CineMedia | LOWES vs. Hf Foods Group | LOWES vs. Senmiao Technology | LOWES vs. NH Foods Ltd |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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