Correlation Between National Vision and LOCKHEED
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By analyzing existing cross correlation between National Vision Holdings and LOCKHEED MARTIN P, you can compare the effects of market volatilities on National Vision and LOCKHEED 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 LOCKHEED. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Vision and LOCKHEED.
Diversification Opportunities for National Vision and LOCKHEED
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between National and LOCKHEED is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding National Vision Holdings and LOCKHEED MARTIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOCKHEED MARTIN 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 LOCKHEED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOCKHEED MARTIN P has no effect on the direction of National Vision i.e., National Vision and LOCKHEED go up and down completely randomly.
Pair Corralation between National Vision and LOCKHEED
Considering the 90-day investment horizon National Vision Holdings is expected to generate 2.25 times more return on investment than LOCKHEED. However, National Vision is 2.25 times more volatile than LOCKHEED MARTIN P. It trades about 0.28 of its potential returns per unit of risk. LOCKHEED MARTIN P is currently generating about 0.05 per unit of risk. If you would invest 980.00 in National Vision Holdings on August 24, 2024 and sell it today you would earn a total of 175.00 from holding National Vision Holdings or generate 17.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
National Vision Holdings vs. LOCKHEED MARTIN P
Performance |
| Timeline |
| National Vision Holdings |
| LOCKHEED MARTIN P |
National Vision and LOCKHEED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Vision and LOCKHEED
The main advantage of trading using opposite National Vision and LOCKHEED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Vision position performs unexpectedly, LOCKHEED 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 LOCKHEED will offset losses from the drop in LOCKHEED's long position.| National Vision vs. Sally Beauty Holdings | National Vision vs. MarineMax | National Vision vs. Sportsmans | National Vision vs. 1 800 FLOWERSCOM |
| LOCKHEED vs. ASML Holding NV | LOCKHEED vs. Getty Realty | LOCKHEED vs. Meiwu Technology Co | LOCKHEED vs. National Vision Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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