Correlation Between Spire Global and LOWES
Specify exactly 2 symbols:
By analyzing existing cross correlation between Spire Global and LOWES INC 31, you can compare the effects of market volatilities on Spire Global and LOWES 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 Spire Global with a short position of LOWES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and LOWES.
Diversification Opportunities for Spire Global and LOWES
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Spire and LOWES is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and LOWES INC 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOWES INC 31 and Spire Global 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 Spire Global are associated (or correlated) with LOWES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOWES INC 31 has no effect on the direction of Spire Global i.e., Spire Global and LOWES go up and down completely randomly.
Pair Corralation between Spire Global and LOWES
Given the investment horizon of 90 days Spire Global is expected to generate 5.11 times more return on investment than LOWES. However, Spire Global is 5.11 times more volatile than LOWES INC 31. It trades about 0.21 of its potential returns per unit of risk. LOWES INC 31 is currently generating about 0.11 per unit of risk. If you would invest 1,150 in Spire Global on September 12, 2024 and sell it today you would earn a total of 240.50 from holding Spire Global or generate 20.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Spire Global vs. LOWES INC 31
Performance |
| Timeline |
| Spire Global |
| LOWES INC 31 |
Spire Global and LOWES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and LOWES
The main advantage of trading using opposite Spire Global and LOWES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, LOWES 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 LOWES will offset losses from the drop in LOWES's long position.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
| LOWES vs. AEP TEX INC | LOWES vs. US BANK NATIONAL | LOWES vs. Applied Blockchain | LOWES vs. BigBearai Holdings |
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.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |