Correlation Between National Vision and APPLE
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By analyzing existing cross correlation between National Vision Holdings and APPLE INC, you can compare the effects of market volatilities on National Vision and APPLE 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 National Vision with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Vision and APPLE.
Diversification Opportunities for National Vision and APPLE
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between National and APPLE is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding National Vision Holdings and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC and National Vision 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 National Vision Holdings are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of National Vision i.e., National Vision and APPLE go up and down completely randomly.
Pair Corralation between National Vision and APPLE
Considering the 90-day investment horizon National Vision Holdings is expected to under-perform the APPLE. In addition to that, National Vision is 2.58 times more volatile than APPLE INC. It trades about -0.02 of its total potential returns per unit of risk. APPLE INC is currently generating about 0.05 per unit of volatility. If you would invest 5,970 in APPLE INC on August 27, 2024 and sell it today you would earn a total of 431.00 from holding APPLE INC or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.83% |
| Values | Daily Returns |
National Vision Holdings vs. APPLE INC
Performance |
| Timeline |
| National Vision Holdings |
| APPLE INC |
National Vision and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Vision and APPLE
The main advantage of trading using opposite National Vision and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Vision position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| National Vision vs. Sally Beauty Holdings | National Vision vs. MarineMax | National Vision vs. Sportsmans | National Vision vs. 1 800 FLOWERSCOM |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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