Correlation Between Skechers USA and 031162DU1
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By analyzing existing cross correlation between Skechers USA and AMGN 575 02 MAR 63, you can compare the effects of market volatilities on Skechers USA and 031162DU1 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 Skechers USA with a short position of 031162DU1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and 031162DU1.
Diversification Opportunities for Skechers USA and 031162DU1
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Skechers and 031162DU1 is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and AMGN 575 02 MAR 63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 575 02 and Skechers USA 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 Skechers USA are associated (or correlated) with 031162DU1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 575 02 has no effect on the direction of Skechers USA i.e., Skechers USA and 031162DU1 go up and down completely randomly.
Pair Corralation between Skechers USA and 031162DU1
Considering the 90-day investment horizon Skechers USA is expected to generate 2.0 times more return on investment than 031162DU1. However, Skechers USA is 2.0 times more volatile than AMGN 575 02 MAR 63. It trades about 0.06 of its potential returns per unit of risk. AMGN 575 02 MAR 63 is currently generating about 0.0 per unit of risk. If you would invest 4,251 in Skechers USA on September 14, 2024 and sell it today you would earn a total of 2,759 from holding Skechers USA or generate 64.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 89.27% |
| Values | Daily Returns |
Skechers USA vs. AMGN 575 02 MAR 63
Performance |
| Timeline |
| Skechers USA |
| AMGN 575 02 |
Skechers USA and 031162DU1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and 031162DU1
The main advantage of trading using opposite Skechers USA and 031162DU1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, 031162DU1 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 031162DU1 will offset losses from the drop in 031162DU1's long position.| Skechers USA vs. Deckers Outdoor | Skechers USA vs. On Holding | Skechers USA vs. Steven Madden | Skechers USA vs. Crocs Inc |
| 031162DU1 vs. World Houseware Limited | 031162DU1 vs. Skechers USA | 031162DU1 vs. Raytech Holding Limited | 031162DU1 vs. Weyco Group |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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