Correlation Between Elfun Trusts and LOWES
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By analyzing existing cross correlation between Elfun Trusts Elfun and LOWES PANIES INC, you can compare the effects of market volatilities on Elfun Trusts 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 Elfun Trusts with a short position of LOWES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and LOWES.
Diversification Opportunities for Elfun Trusts and LOWES
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elfun and LOWES is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun 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 Elfun Trusts 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 Elfun Trusts Elfun 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 Elfun Trusts i.e., Elfun Trusts and LOWES go up and down completely randomly.
Pair Corralation between Elfun Trusts and LOWES
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.26 times more return on investment than LOWES. However, Elfun Trusts Elfun is 3.88 times less risky than LOWES. It trades about 0.11 of its potential returns per unit of risk. LOWES PANIES INC is currently generating about -0.03 per unit of risk. If you would invest 9,930 in Elfun Trusts Elfun on September 13, 2024 and sell it today you would earn a total of 129.00 from holding Elfun Trusts Elfun or generate 1.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. LOWES PANIES INC
Performance |
| Timeline |
| Elfun Trusts Elfun |
| LOWES PANIES INC |
Elfun Trusts and LOWES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and LOWES
The main advantage of trading using opposite Elfun Trusts and LOWES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts 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.| Elfun Trusts vs. T Rowe Price | Elfun Trusts vs. Kinetics Market Opportunities | Elfun Trusts vs. Barings Emerging Markets | Elfun Trusts vs. Calvert Developed Market |
| 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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