Correlation Between Under Armour and 26441CAT2
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By analyzing existing cross correlation between Under Armour C and DUKE ENERGY P, you can compare the effects of market volatilities on Under Armour and 26441CAT2 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 Under Armour with a short position of 26441CAT2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Under Armour and 26441CAT2.
Diversification Opportunities for Under Armour and 26441CAT2
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Under and 26441CAT2 is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Under Armour C and DUKE ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY P and Under Armour 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 Under Armour C are associated (or correlated) with 26441CAT2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY P has no effect on the direction of Under Armour i.e., Under Armour and 26441CAT2 go up and down completely randomly.
Pair Corralation between Under Armour and 26441CAT2
Allowing for the 90-day total investment horizon Under Armour C is expected to generate 3.48 times more return on investment than 26441CAT2. However, Under Armour is 3.48 times more volatile than DUKE ENERGY P. It trades about 0.03 of its potential returns per unit of risk. DUKE ENERGY P is currently generating about 0.02 per unit of risk. If you would invest 754.00 in Under Armour C on August 24, 2024 and sell it today you would earn a total of 107.50 from holding Under Armour C or generate 14.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.2% |
| Values | Daily Returns |
Under Armour C vs. DUKE ENERGY P
Performance |
| Timeline |
| Under Armour C |
| DUKE ENERGY P |
Under Armour and 26441CAT2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Under Armour and 26441CAT2
The main advantage of trading using opposite Under Armour and 26441CAT2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Under Armour position performs unexpectedly, 26441CAT2 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 26441CAT2 will offset losses from the drop in 26441CAT2's long position.| Under Armour vs. Levi Strauss Co | Under Armour vs. Columbia Sportswear | Under Armour vs. Hanesbrands | Under Armour vs. PVH Corp |
| 26441CAT2 vs. Ralph Lauren Corp | 26441CAT2 vs. Under Armour C | 26441CAT2 vs. Duluth Holdings | 26441CAT2 vs. Summa Silver Corp |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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