Correlation Between SpartanNash and WEBUY GLOBAL
Can any of the company-specific risk be diversified away by investing in both SpartanNash and WEBUY GLOBAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SpartanNash and WEBUY GLOBAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SpartanNash Co and WEBUY GLOBAL LTD, you can compare the effects of market volatilities on SpartanNash and WEBUY GLOBAL 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 SpartanNash with a short position of WEBUY GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of SpartanNash and WEBUY GLOBAL.
Diversification Opportunities for SpartanNash and WEBUY GLOBAL
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SpartanNash and WEBUY is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding SpartanNash Co and WEBUY GLOBAL LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WEBUY GLOBAL LTD and SpartanNash 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 SpartanNash Co are associated (or correlated) with WEBUY GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WEBUY GLOBAL LTD has no effect on the direction of SpartanNash i.e., SpartanNash and WEBUY GLOBAL go up and down completely randomly.
Pair Corralation between SpartanNash and WEBUY GLOBAL
Given the investment horizon of 90 days SpartanNash Co is expected to generate 0.15 times more return on investment than WEBUY GLOBAL. However, SpartanNash Co is 6.67 times less risky than WEBUY GLOBAL. It trades about -0.01 of its potential returns per unit of risk. WEBUY GLOBAL LTD is currently generating about -0.04 per unit of risk. If you would invest 2,084 in SpartanNash Co on September 1, 2024 and sell it today you would lose (186.00) from holding SpartanNash Co or give up 8.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 75.54% |
| Values | Daily Returns |
SpartanNash Co vs. WEBUY GLOBAL LTD
Performance |
| Timeline |
| SpartanNash |
| WEBUY GLOBAL LTD |
SpartanNash and WEBUY GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SpartanNash and WEBUY GLOBAL
The main advantage of trading using opposite SpartanNash and WEBUY GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SpartanNash position performs unexpectedly, WEBUY GLOBAL 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 WEBUY GLOBAL will offset losses from the drop in WEBUY GLOBAL's long position.| SpartanNash vs. Performance Food Group | SpartanNash vs. US Foods Holding | SpartanNash vs. Calavo Growers | SpartanNash vs. The Andersons |
| WEBUY GLOBAL vs. Western Acquisition Ventures | WEBUY GLOBAL vs. Bridgford Foods | WEBUY GLOBAL vs. Marfrig Global Foods | WEBUY GLOBAL vs. Supercom |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| 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 |