Correlation Between Skechers USA and GENERAL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Skechers USA and GENERAL DYNAMICS PORATION, you can compare the effects of market volatilities on Skechers USA and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and GENERAL.
Diversification Opportunities for Skechers USA and GENERAL
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Skechers and GENERAL is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and GENERAL DYNAMICS PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL DYNAMICS PORATION 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL DYNAMICS PORATION has no effect on the direction of Skechers USA i.e., Skechers USA and GENERAL go up and down completely randomly.
Pair Corralation between Skechers USA and GENERAL
Considering the 90-day investment horizon Skechers USA is expected to generate 4.04 times more return on investment than GENERAL. However, Skechers USA is 4.04 times more volatile than GENERAL DYNAMICS PORATION. It trades about 0.06 of its potential returns per unit of risk. GENERAL DYNAMICS PORATION is currently generating about 0.02 per unit of risk. If you would invest 5,141 in Skechers USA on September 12, 2024 and sell it today you would earn a total of 1,946 from holding Skechers USA or generate 37.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.7% |
| Values | Daily Returns |
Skechers USA vs. GENERAL DYNAMICS PORATION
Performance |
| Timeline |
| Skechers USA |
| GENERAL DYNAMICS PORATION |
Skechers USA and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and GENERAL
The main advantage of trading using opposite Skechers USA and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Skechers USA vs. Crocs Inc | Skechers USA vs. On Holding | Skechers USA vs. Nike Inc | Skechers USA vs. Designer Brands |
| GENERAL vs. Apogee Enterprises | GENERAL vs. Genfit | GENERAL vs. Tarsus Pharmaceuticals | GENERAL vs. Valneva SE ADR |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |