Correlation Between Jerónimo Martins and SpartanNash
Can any of the company-specific risk be diversified away by investing in both Jerónimo Martins and SpartanNash at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Jerónimo Martins and SpartanNash into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jernimo Martins SGPS and SpartanNash Co, you can compare the effects of market volatilities on Jerónimo Martins and SpartanNash 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 Jerónimo Martins with a short position of SpartanNash. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jerónimo Martins and SpartanNash.
Diversification Opportunities for Jerónimo Martins and SpartanNash
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jerónimo and SpartanNash is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jernimo Martins SGPS and SpartanNash Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SpartanNash and Jerónimo Martins 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 Jernimo Martins SGPS are associated (or correlated) with SpartanNash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SpartanNash has no effect on the direction of Jerónimo Martins i.e., Jerónimo Martins and SpartanNash go up and down completely randomly.
Pair Corralation between Jerónimo Martins and SpartanNash
If you would invest 1,923 in Jernimo Martins SGPS on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Jernimo Martins SGPS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jernimo Martins SGPS vs. SpartanNash Co
Performance |
| Timeline |
| Jernimo Martins SGPS |
| SpartanNash |
Jerónimo Martins and SpartanNash Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jerónimo Martins and SpartanNash
The main advantage of trading using opposite Jerónimo Martins and SpartanNash positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jerónimo Martins position performs unexpectedly, SpartanNash 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 SpartanNash will offset losses from the drop in SpartanNash's long position.The idea behind Jernimo Martins SGPS and SpartanNash Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| SpartanNash vs. Performance Food Group | SpartanNash vs. US Foods Holding | SpartanNash vs. Calavo Growers | SpartanNash vs. The Andersons |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |