Correlation Between Lululemon Athletica and NWIDE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lululemon Athletica and NWIDE 2972 16 FEB 28, you can compare the effects of market volatilities on Lululemon Athletica and NWIDE 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 Lululemon Athletica with a short position of NWIDE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lululemon Athletica and NWIDE.
Diversification Opportunities for Lululemon Athletica and NWIDE
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Lululemon and NWIDE is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Lululemon Athletica and NWIDE 2972 16 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NWIDE 2972 16 and Lululemon Athletica 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 Lululemon Athletica are associated (or correlated) with NWIDE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NWIDE 2972 16 has no effect on the direction of Lululemon Athletica i.e., Lululemon Athletica and NWIDE go up and down completely randomly.
Pair Corralation between Lululemon Athletica and NWIDE
Given the investment horizon of 90 days Lululemon Athletica is expected to under-perform the NWIDE. In addition to that, Lululemon Athletica is 2.95 times more volatile than NWIDE 2972 16 FEB 28. It trades about -0.06 of its total potential returns per unit of risk. NWIDE 2972 16 FEB 28 is currently generating about 0.01 per unit of volatility. If you would invest 9,137 in NWIDE 2972 16 FEB 28 on September 3, 2024 and sell it today you would earn a total of 119.00 from holding NWIDE 2972 16 FEB 28 or generate 1.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.16% |
| Values | Daily Returns |
Lululemon Athletica vs. NWIDE 2972 16 FEB 28
Performance |
| Timeline |
| Lululemon Athletica |
| NWIDE 2972 16 |
Lululemon Athletica and NWIDE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lululemon Athletica and NWIDE
The main advantage of trading using opposite Lululemon Athletica and NWIDE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lululemon Athletica position performs unexpectedly, NWIDE 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 NWIDE will offset losses from the drop in NWIDE's long position.| Lululemon Athletica vs. American Eagle Outfitters | Lululemon Athletica vs. Abercrombie Fitch | Lululemon Athletica vs. Urban Outfitters | Lululemon Athletica vs. Foot Locker |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Stocks Directory Find actively traded stocks across global markets |