Correlation Between Live Ventures and LOCKHEED
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By analyzing existing cross correlation between Live Ventures and LOCKHEED MARTIN P, you can compare the effects of market volatilities on Live Ventures and LOCKHEED 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 Live Ventures with a short position of LOCKHEED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Live Ventures and LOCKHEED.
Diversification Opportunities for Live Ventures and LOCKHEED
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Live and LOCKHEED is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Live Ventures and LOCKHEED MARTIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOCKHEED MARTIN P and Live Ventures 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 Live Ventures are associated (or correlated) with LOCKHEED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOCKHEED MARTIN P has no effect on the direction of Live Ventures i.e., Live Ventures and LOCKHEED go up and down completely randomly.
Pair Corralation between Live Ventures and LOCKHEED
Given the investment horizon of 90 days Live Ventures is expected to under-perform the LOCKHEED. But the stock apears to be less risky and, when comparing its historical volatility, Live Ventures is 16.33 times less risky than LOCKHEED. The stock trades about -0.08 of its potential returns per unit of risk. The LOCKHEED MARTIN P is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 8,928 in LOCKHEED MARTIN P on August 31, 2024 and sell it today you would lose (191.00) from holding LOCKHEED MARTIN P or give up 2.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.43% |
| Values | Daily Returns |
Live Ventures vs. LOCKHEED MARTIN P
Performance |
| Timeline |
| Live Ventures |
| LOCKHEED MARTIN P |
Live Ventures and LOCKHEED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Live Ventures and LOCKHEED
The main advantage of trading using opposite Live Ventures and LOCKHEED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Live Ventures position performs unexpectedly, LOCKHEED 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 LOCKHEED will offset losses from the drop in LOCKHEED's long position.| Live Ventures vs. Arhaus Inc | Live Ventures vs. Floor Decor Holdings | Live Ventures vs. Haverty Furniture Companies | Live Ventures vs. Kingfisher plc |
| LOCKHEED vs. Uber Technologies | LOCKHEED vs. Meiwu Technology Co | LOCKHEED vs. Paysafe | LOCKHEED vs. NETGEAR |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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