Correlation Between Safe Bulkers and Staffing 360
Can any of the company-specific risk be diversified away by investing in both Safe Bulkers and Staffing 360 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 Safe Bulkers and Staffing 360 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Safe Bulkers and Staffing 360 Solutions, you can compare the effects of market volatilities on Safe Bulkers and Staffing 360 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 Safe Bulkers with a short position of Staffing 360. Check out your portfolio center. Please also check ongoing floating volatility patterns of Safe Bulkers and Staffing 360.
Diversification Opportunities for Safe Bulkers and Staffing 360
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Safe and Staffing is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Safe Bulkers and Staffing 360 Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Staffing 360 Solutions and Safe Bulkers 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 Safe Bulkers are associated (or correlated) with Staffing 360. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Staffing 360 Solutions has no effect on the direction of Safe Bulkers i.e., Safe Bulkers and Staffing 360 go up and down completely randomly.
Pair Corralation between Safe Bulkers and Staffing 360
Allowing for the 90-day total investment horizon Safe Bulkers is expected to generate 0.25 times more return on investment than Staffing 360. However, Safe Bulkers is 3.99 times less risky than Staffing 360. It trades about 0.19 of its potential returns per unit of risk. Staffing 360 Solutions is currently generating about -0.57 per unit of risk. If you would invest 347.00 in Safe Bulkers on November 28, 2024 and sell it today you would earn a total of 29.00 from holding Safe Bulkers or generate 8.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Safe Bulkers vs. Staffing 360 Solutions
Performance |
| Timeline |
| Safe Bulkers |
| Staffing 360 Solutions |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Safe Bulkers and Staffing 360 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Safe Bulkers and Staffing 360
The main advantage of trading using opposite Safe Bulkers and Staffing 360 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Safe Bulkers position performs unexpectedly, Staffing 360 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 Staffing 360 will offset losses from the drop in Staffing 360's long position.| Safe Bulkers vs. Global Ship Lease | Safe Bulkers vs. Costamare | Safe Bulkers vs. Navios Maritime Partners | Safe Bulkers vs. Genco Shipping Trading |
| Staffing 360 vs. Kelly Services A | Staffing 360 vs. Mastech Holdings | Staffing 360 vs. Kforce Inc | Staffing 360 vs. Hudson Global |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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