Correlation Between Burlington Stores and 50247VAC3
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By analyzing existing cross correlation between Burlington Stores and LYB INTL FIN, you can compare the effects of market volatilities on Burlington Stores and 50247VAC3 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 50247VAC3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Burlington Stores and 50247VAC3.
Diversification Opportunities for Burlington Stores and 50247VAC3
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Burlington and 50247VAC3 is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Burlington Stores and LYB INTL FIN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LYB INTL FIN 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 50247VAC3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LYB INTL FIN has no effect on the direction of Burlington Stores i.e., Burlington Stores and 50247VAC3 go up and down completely randomly.
Pair Corralation between Burlington Stores and 50247VAC3
Given the investment horizon of 90 days Burlington Stores is expected to generate 1.73 times more return on investment than 50247VAC3. However, Burlington Stores is 1.73 times more volatile than LYB INTL FIN. It trades about 0.22 of its potential returns per unit of risk. LYB INTL FIN is currently generating about -0.15 per unit of risk. If you would invest 24,800 in Burlington Stores on September 5, 2024 and sell it today you would earn a total of 4,277 from holding Burlington Stores or generate 17.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
Burlington Stores vs. LYB INTL FIN
Performance |
| Timeline |
| Burlington Stores |
| LYB INTL FIN |
Burlington Stores and 50247VAC3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Burlington Stores and 50247VAC3
The main advantage of trading using opposite Burlington Stores and 50247VAC3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Burlington Stores position performs unexpectedly, 50247VAC3 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 50247VAC3 will offset losses from the drop in 50247VAC3's long position.| Burlington Stores vs. The TJX Companies | Burlington Stores vs. Guess Inc | Burlington Stores vs. Urban Outfitters | Burlington Stores vs. Childrens Place |
| 50247VAC3 vs. Citi Trends | 50247VAC3 vs. Burlington Stores | 50247VAC3 vs. Figs Inc | 50247VAC3 vs. PVH Corp |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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