Correlation Between Burlington Stores and Grupo Gigante
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By analyzing existing cross correlation between Burlington Stores and Grupo Gigante S, you can compare the effects of market volatilities on Burlington Stores and Grupo Gigante 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 Burlington Stores with a short position of Grupo Gigante. Check out your portfolio center. Please also check ongoing floating volatility patterns of Burlington Stores and Grupo Gigante.
Diversification Opportunities for Burlington Stores and Grupo Gigante
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Burlington and Grupo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Burlington Stores and Grupo Gigante S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Gigante S and Burlington Stores 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 Burlington Stores are associated (or correlated) with Grupo Gigante. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Gigante S has no effect on the direction of Burlington Stores i.e., Burlington Stores and Grupo Gigante go up and down completely randomly.
Pair Corralation between Burlington Stores and Grupo Gigante
Assuming the 90 days trading horizon Burlington Stores is expected to generate 1.25 times less return on investment than Grupo Gigante. In addition to that, Burlington Stores is 2.0 times more volatile than Grupo Gigante S. It trades about 0.02 of its total potential returns per unit of risk. Grupo Gigante S is currently generating about 0.04 per unit of volatility. If you would invest 2,300 in Grupo Gigante S on August 26, 2024 and sell it today you would earn a total of 500.00 from holding Grupo Gigante S or generate 21.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Burlington Stores vs. Grupo Gigante S
Performance |
| Timeline |
| Burlington Stores |
| Grupo Gigante S |
Burlington Stores and Grupo Gigante Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Burlington Stores and Grupo Gigante
The main advantage of trading using opposite Burlington Stores and Grupo Gigante positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Burlington Stores position performs unexpectedly, Grupo Gigante 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 Grupo Gigante will offset losses from the drop in Grupo Gigante's long position.| Burlington Stores vs. Samsung Electronics Co | Burlington Stores vs. DXC Technology | Burlington Stores vs. Martin Marietta Materials | Burlington Stores vs. Taiwan Semiconductor Manufacturing |
| Grupo Gigante vs. Micron Technology | Grupo Gigante vs. Burlington Stores | Grupo Gigante vs. McEwen Mining | Grupo Gigante vs. Applied Materials |
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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