Correlation Between Lifevantage and AMERICAN
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By analyzing existing cross correlation between Lifevantage and AMERICAN EXPRESS PANY, you can compare the effects of market volatilities on Lifevantage and AMERICAN 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 Lifevantage with a short position of AMERICAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lifevantage and AMERICAN.
Diversification Opportunities for Lifevantage and AMERICAN
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lifevantage and AMERICAN is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Lifevantage and AMERICAN EXPRESS PANY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMERICAN EXPRESS PANY and Lifevantage 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 Lifevantage are associated (or correlated) with AMERICAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMERICAN EXPRESS PANY has no effect on the direction of Lifevantage i.e., Lifevantage and AMERICAN go up and down completely randomly.
Pair Corralation between Lifevantage and AMERICAN
Given the investment horizon of 90 days Lifevantage is expected to generate 17.22 times more return on investment than AMERICAN. However, Lifevantage is 17.22 times more volatile than AMERICAN EXPRESS PANY. It trades about 0.11 of its potential returns per unit of risk. AMERICAN EXPRESS PANY is currently generating about 0.01 per unit of risk. If you would invest 619.00 in Lifevantage on September 14, 2024 and sell it today you would earn a total of 891.00 from holding Lifevantage or generate 143.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
Lifevantage vs. AMERICAN EXPRESS PANY
Performance |
| Timeline |
| Lifevantage |
| AMERICAN EXPRESS PANY |
Lifevantage and AMERICAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lifevantage and AMERICAN
The main advantage of trading using opposite Lifevantage and AMERICAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lifevantage position performs unexpectedly, AMERICAN 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 AMERICAN will offset losses from the drop in AMERICAN's long position.| Lifevantage vs. Central Garden Pet | Lifevantage vs. Central Garden Pet | Lifevantage vs. Lifeway Foods | Lifevantage vs. Seneca Foods Corp |
| AMERICAN vs. GameStop Corp | AMERICAN vs. Lifevantage | AMERICAN vs. Vestis | AMERICAN vs. Marfrig Global Foods |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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