Correlation Between Skechers USA and Sprint
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By analyzing existing cross correlation between Skechers USA and Sprint 7625 percent, you can compare the effects of market volatilities on Skechers USA and Sprint 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 Sprint. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and Sprint.
Diversification Opportunities for Skechers USA and Sprint
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Skechers and Sprint is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and Sprint 7625 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sprint 7625 percent 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 Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint 7625 percent has no effect on the direction of Skechers USA i.e., Skechers USA and Sprint go up and down completely randomly.
Pair Corralation between Skechers USA and Sprint
Considering the 90-day investment horizon Skechers USA is expected to generate 1.53 times more return on investment than Sprint. However, Skechers USA is 1.53 times more volatile than Sprint 7625 percent. It trades about 0.4 of its potential returns per unit of risk. Sprint 7625 percent is currently generating about 0.54 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 | Weak |
| Accuracy | 33.33% |
| Values | Daily Returns |
Skechers USA vs. Sprint 7625 percent
Performance |
| Timeline |
| Skechers USA |
| Sprint 7625 percent |
Skechers USA and Sprint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and Sprint
The main advantage of trading using opposite Skechers USA and Sprint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, Sprint 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 Sprint will offset losses from the drop in Sprint's long position.| Skechers USA vs. Crocs Inc | Skechers USA vs. On Holding | Skechers USA vs. Nike Inc | Skechers USA vs. Designer Brands |
| Sprint vs. JD Sports Fashion | Sprint vs. Verra Mobility Corp | Sprint vs. Hooker Furniture | Sprint vs. Delek Logistics Partners |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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