Correlation Between Under Armour and EQUINOR
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By analyzing existing cross correlation between Under Armour C and EQUINOR ASA, you can compare the effects of market volatilities on Under Armour and EQUINOR 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 EQUINOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Under Armour and EQUINOR.
Diversification Opportunities for Under Armour and EQUINOR
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Under and EQUINOR is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Under Armour C and EQUINOR ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQUINOR ASA 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 EQUINOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQUINOR ASA has no effect on the direction of Under Armour i.e., Under Armour and EQUINOR go up and down completely randomly.
Pair Corralation between Under Armour and EQUINOR
Allowing for the 90-day total investment horizon Under Armour C is expected to generate 3.45 times more return on investment than EQUINOR. However, Under Armour is 3.45 times more volatile than EQUINOR ASA. It trades about 0.11 of its potential returns per unit of risk. EQUINOR ASA is currently generating about -0.09 per unit of risk. If you would invest 788.00 in Under Armour C on September 2, 2024 and sell it today you would earn a total of 89.00 from holding Under Armour C or generate 11.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Under Armour C vs. EQUINOR ASA
Performance |
| Timeline |
| Under Armour C |
| EQUINOR ASA |
Under Armour and EQUINOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Under Armour and EQUINOR
The main advantage of trading using opposite Under Armour and EQUINOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Under Armour position performs unexpectedly, EQUINOR 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 EQUINOR will offset losses from the drop in EQUINOR's long position.| Under Armour vs. Levi Strauss Co | Under Armour vs. Columbia Sportswear | Under Armour vs. Hanesbrands | Under Armour vs. PVH Corp |
| EQUINOR vs. Cleantech Power Corp | EQUINOR vs. Under Armour C | EQUINOR vs. Logan Ridge Finance | EQUINOR vs. Verde Clean Fuels |
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.
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