Correlation Between Phoenix Footwear and Samsonite International
Can any of the company-specific risk be diversified away by investing in both Phoenix Footwear and Samsonite International 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 Phoenix Footwear and Samsonite International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Phoenix Footwear Group and Samsonite International SA, you can compare the effects of market volatilities on Phoenix Footwear and Samsonite International 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 Phoenix Footwear with a short position of Samsonite International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phoenix Footwear and Samsonite International.
Diversification Opportunities for Phoenix Footwear and Samsonite International
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Phoenix and Samsonite is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Phoenix Footwear Group and Samsonite International SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samsonite International and Phoenix Footwear 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 Phoenix Footwear Group are associated (or correlated) with Samsonite International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samsonite International has no effect on the direction of Phoenix Footwear i.e., Phoenix Footwear and Samsonite International go up and down completely randomly.
Pair Corralation between Phoenix Footwear and Samsonite International
If you would invest 16.00 in Phoenix Footwear Group on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Phoenix Footwear Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
Phoenix Footwear Group vs. Samsonite International SA
Performance |
| Timeline |
| Phoenix Footwear |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Samsonite International |
Phoenix Footwear and Samsonite International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Phoenix Footwear and Samsonite International
The main advantage of trading using opposite Phoenix Footwear and Samsonite International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Phoenix Footwear position performs unexpectedly, Samsonite International 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 Samsonite International will offset losses from the drop in Samsonite International's long position.| Phoenix Footwear vs. Good Vibrations Shoes | Phoenix Footwear vs. Wolverine World Wide | Phoenix Footwear vs. American Rebel Holdings | Phoenix Footwear vs. Deckers Outdoor |
| Samsonite International vs. Asics Corp ADR | Samsonite International vs. American Rebel Holdings | Samsonite International vs. American Rebel Holdings | Samsonite International vs. Crocs Inc |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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