Correlation Between Grocery Outlet and 22966RAE6
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By analyzing existing cross correlation between Grocery Outlet Holding and CUBESMART L P, you can compare the effects of market volatilities on Grocery Outlet and 22966RAE6 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 Grocery Outlet with a short position of 22966RAE6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grocery Outlet and 22966RAE6.
Diversification Opportunities for Grocery Outlet and 22966RAE6
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Grocery and 22966RAE6 is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Grocery Outlet Holding and CUBESMART L P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CUBESMART L P and Grocery Outlet 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 Grocery Outlet Holding are associated (or correlated) with 22966RAE6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CUBESMART L P has no effect on the direction of Grocery Outlet i.e., Grocery Outlet and 22966RAE6 go up and down completely randomly.
Pair Corralation between Grocery Outlet and 22966RAE6
Allowing for the 90-day total investment horizon Grocery Outlet Holding is expected to generate 3.15 times more return on investment than 22966RAE6. However, Grocery Outlet is 3.15 times more volatile than CUBESMART L P. It trades about 0.05 of its potential returns per unit of risk. CUBESMART L P is currently generating about -0.2 per unit of risk. If you would invest 1,571 in Grocery Outlet Holding on October 24, 2024 and sell it today you would earn a total of 24.00 from holding Grocery Outlet Holding or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 72.22% |
| Values | Daily Returns |
Grocery Outlet Holding vs. CUBESMART L P
Performance |
| Timeline |
| Grocery Outlet Holding |
| CUBESMART L P |
Grocery Outlet and 22966RAE6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grocery Outlet and 22966RAE6
The main advantage of trading using opposite Grocery Outlet and 22966RAE6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grocery Outlet position performs unexpectedly, 22966RAE6 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 22966RAE6 will offset losses from the drop in 22966RAE6's long position.| Grocery Outlet vs. Natural Grocers by | Grocery Outlet vs. Village Super Market | Grocery Outlet vs. Ingles Markets Incorporated | Grocery Outlet vs. Ocado Group plc |
| 22966RAE6 vs. Merit Medical Systems | 22966RAE6 vs. Catalyst Pharmaceuticals | 22966RAE6 vs. CF Industries Holdings | 22966RAE6 vs. Albemarle |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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