Correlation Between National Vision and FEDEX
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By analyzing existing cross correlation between National Vision Holdings and FEDEX P 39, you can compare the effects of market volatilities on National Vision and FEDEX 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 FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Vision and FEDEX.
Diversification Opportunities for National Vision and FEDEX
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between National and FEDEX is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding National Vision Holdings and FEDEX P 39 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 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 FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P has no effect on the direction of National Vision i.e., National Vision and FEDEX go up and down completely randomly.
Pair Corralation between National Vision and FEDEX
Considering the 90-day investment horizon National Vision Holdings is expected to generate 2.66 times more return on investment than FEDEX. However, National Vision is 2.66 times more volatile than FEDEX P 39. It trades about 0.02 of its potential returns per unit of risk. FEDEX P 39 is currently generating about -0.19 per unit of risk. If you would invest 1,182 in National Vision Holdings on September 12, 2024 and sell it today you would earn a total of 8.00 from holding National Vision Holdings or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
National Vision Holdings vs. FEDEX P 39
Performance |
| Timeline |
| National Vision Holdings |
| FEDEX P |
National Vision and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Vision and FEDEX
The main advantage of trading using opposite National Vision and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Vision position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX'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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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