Correlation Between Burlington Stores and 01166VAA7
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By analyzing existing cross correlation between Burlington Stores and ALK 48 15 AUG 27, you can compare the effects of market volatilities on Burlington Stores and 01166VAA7 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 01166VAA7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Burlington Stores and 01166VAA7.
Diversification Opportunities for Burlington Stores and 01166VAA7
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Burlington and 01166VAA7 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Burlington Stores and ALK 48 15 AUG 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALK 48 15 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 01166VAA7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALK 48 15 has no effect on the direction of Burlington Stores i.e., Burlington Stores and 01166VAA7 go up and down completely randomly.
Pair Corralation between Burlington Stores and 01166VAA7
Given the investment horizon of 90 days Burlington Stores is expected to generate 0.99 times more return on investment than 01166VAA7. However, Burlington Stores is 1.01 times less risky than 01166VAA7. It trades about 0.33 of its potential returns per unit of risk. ALK 48 15 AUG 27 is currently generating about -0.31 per unit of risk. If you would invest 24,777 in Burlington Stores on September 1, 2024 and sell it today you would earn a total of 3,411 from holding Burlington Stores or generate 13.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 42.86% |
| Values | Daily Returns |
Burlington Stores vs. ALK 48 15 AUG 27
Performance |
| Timeline |
| Burlington Stores |
| ALK 48 15 |
Burlington Stores and 01166VAA7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Burlington Stores and 01166VAA7
The main advantage of trading using opposite Burlington Stores and 01166VAA7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Burlington Stores position performs unexpectedly, 01166VAA7 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 01166VAA7 will offset losses from the drop in 01166VAA7's long position.| Burlington Stores vs. Capri Holdings | Burlington Stores vs. Movado Group | Burlington Stores vs. Tapestry | Burlington Stores vs. Brilliant Earth Group |
| 01166VAA7 vs. BJs Restaurants | 01166VAA7 vs. Dennys Corp | 01166VAA7 vs. RCI Hospitality Holdings | 01166VAA7 vs. Kura Sushi USA |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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