Correlation Between Steven Madden and BPCEGP
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By analyzing existing cross correlation between Steven Madden and BPCEGP 1625 14 JAN 25, you can compare the effects of market volatilities on Steven Madden and BPCEGP 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 Steven Madden with a short position of BPCEGP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Steven Madden and BPCEGP.
Diversification Opportunities for Steven Madden and BPCEGP
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Steven and BPCEGP is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Steven Madden and BPCEGP 1625 14 JAN 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BPCEGP 1625 14 and Steven Madden 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 Steven Madden are associated (or correlated) with BPCEGP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BPCEGP 1625 14 has no effect on the direction of Steven Madden i.e., Steven Madden and BPCEGP go up and down completely randomly.
Pair Corralation between Steven Madden and BPCEGP
Given the investment horizon of 90 days Steven Madden is expected to generate 3.01 times more return on investment than BPCEGP. However, Steven Madden is 3.01 times more volatile than BPCEGP 1625 14 JAN 25. It trades about 0.01 of its potential returns per unit of risk. BPCEGP 1625 14 JAN 25 is currently generating about -0.03 per unit of risk. If you would invest 4,260 in Steven Madden on September 14, 2024 and sell it today you would earn a total of 116.00 from holding Steven Madden or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 48.59% |
| Values | Daily Returns |
Steven Madden vs. BPCEGP 1625 14 JAN 25
Performance |
| Timeline |
| Steven Madden |
| BPCEGP 1625 14 |
Steven Madden and BPCEGP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Steven Madden and BPCEGP
The main advantage of trading using opposite Steven Madden and BPCEGP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Steven Madden position performs unexpectedly, BPCEGP 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 BPCEGP will offset losses from the drop in BPCEGP's long position.| Steven Madden vs. Deckers Outdoor | Steven Madden vs. On Holding | Steven Madden vs. Crocs Inc | Steven Madden vs. Designer Brands |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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