Correlation Between Lifevantage and BAXTER
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By analyzing existing cross correlation between Lifevantage and BAXTER INTL INC, you can compare the effects of market volatilities on Lifevantage and BAXTER 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 BAXTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lifevantage and BAXTER.
Diversification Opportunities for Lifevantage and BAXTER
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lifevantage and BAXTER is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Lifevantage and BAXTER INTL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BAXTER INTL INC 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 BAXTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BAXTER INTL INC has no effect on the direction of Lifevantage i.e., Lifevantage and BAXTER go up and down completely randomly.
Pair Corralation between Lifevantage and BAXTER
Given the investment horizon of 90 days Lifevantage is expected to generate 11.98 times more return on investment than BAXTER. However, Lifevantage is 11.98 times more volatile than BAXTER INTL INC. It trades about 0.1 of its potential returns per unit of risk. BAXTER INTL INC is currently generating about 0.0 per unit of risk. If you would invest 474.00 in Lifevantage on September 12, 2024 and sell it today you would earn a total of 1,010 from holding Lifevantage or generate 213.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.77% |
| Values | Daily Returns |
Lifevantage vs. BAXTER INTL INC
Performance |
| Timeline |
| Lifevantage |
| BAXTER INTL INC |
Lifevantage and BAXTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lifevantage and BAXTER
The main advantage of trading using opposite Lifevantage and BAXTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lifevantage position performs unexpectedly, BAXTER 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 BAXTER will offset losses from the drop in BAXTER's long position.| Lifevantage vs. Central Garden Pet | Lifevantage vs. Central Garden Pet | Lifevantage vs. Lifeway Foods | Lifevantage vs. Seneca Foods Corp |
| BAXTER vs. FARO Technologies | BAXTER vs. Arrow Electronics | BAXTER vs. Analog Devices | BAXTER vs. Lifevantage |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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