Correlation Between Grocery Outlet and FEDEX
Specify exactly 2 symbols:
By analyzing existing cross correlation between Grocery Outlet Holding and FEDEX P, you can compare the effects of market volatilities on Grocery Outlet 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 Grocery Outlet with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grocery Outlet and FEDEX.
Diversification Opportunities for Grocery Outlet and FEDEX
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Grocery and FEDEX is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Grocery Outlet Holding and FEDEX P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX 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 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 Grocery Outlet i.e., Grocery Outlet and FEDEX go up and down completely randomly.
Pair Corralation between Grocery Outlet and FEDEX
Allowing for the 90-day total investment horizon Grocery Outlet Holding is expected to generate 1.93 times more return on investment than FEDEX. However, Grocery Outlet is 1.93 times more volatile than FEDEX P. It trades about 0.13 of its potential returns per unit of risk. FEDEX P is currently generating about 0.07 per unit of risk. If you would invest 1,755 in Grocery Outlet Holding on August 30, 2024 and sell it today you would earn a total of 370.00 from holding Grocery Outlet Holding or generate 21.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Grocery Outlet Holding vs. FEDEX P
Performance |
| Timeline |
| Grocery Outlet Holding |
| FEDEX P |
Grocery Outlet and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grocery Outlet and FEDEX
The main advantage of trading using opposite Grocery Outlet and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grocery Outlet 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.| Grocery Outlet vs. Weis Markets | Grocery Outlet vs. Ingles Markets Incorporated | Grocery Outlet vs. Sendas Distribuidora SA | Grocery Outlet vs. Village Super Market |
| FEDEX vs. Luxfer Holdings PLC | FEDEX vs. Park Electrochemical | FEDEX vs. Air Products and | FEDEX vs. Grocery Outlet Holding |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Transaction History View history of all your transactions and understand their impact on performance |