Correlation Between Skechers USA and 29364WBL1
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By analyzing existing cross correlation between Skechers USA and ETR 475 15 SEP 52, you can compare the effects of market volatilities on Skechers USA and 29364WBL1 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 29364WBL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and 29364WBL1.
Diversification Opportunities for Skechers USA and 29364WBL1
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Skechers and 29364WBL1 is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and ETR 475 15 SEP 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ETR 475 15 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 29364WBL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ETR 475 15 has no effect on the direction of Skechers USA i.e., Skechers USA and 29364WBL1 go up and down completely randomly.
Pair Corralation between Skechers USA and 29364WBL1
Considering the 90-day investment horizon Skechers USA is expected to generate 0.86 times more return on investment than 29364WBL1. However, Skechers USA is 1.16 times less risky than 29364WBL1. It trades about 0.4 of its potential returns per unit of risk. ETR 475 15 SEP 52 is currently generating about 0.1 per unit of risk. If you would invest 6,101 in Skechers USA on September 12, 2024 and sell it today you would earn a total of 938.00 from holding Skechers USA or generate 15.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Skechers USA vs. ETR 475 15 SEP 52
Performance |
| Timeline |
| Skechers USA |
| ETR 475 15 |
Skechers USA and 29364WBL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and 29364WBL1
The main advantage of trading using opposite Skechers USA and 29364WBL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, 29364WBL1 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 29364WBL1 will offset losses from the drop in 29364WBL1's long position.| Skechers USA vs. Crocs Inc | Skechers USA vs. On Holding | Skechers USA vs. Nike Inc | Skechers USA vs. Designer Brands |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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