Correlation Between 142339AL4 and Shoe Carnival
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By analyzing existing cross correlation between CSL 22 01 MAR 32 and Shoe Carnival, you can compare the effects of market volatilities on 142339AL4 and Shoe Carnival 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 142339AL4 with a short position of Shoe Carnival. Check out your portfolio center. Please also check ongoing floating volatility patterns of 142339AL4 and Shoe Carnival.
Diversification Opportunities for 142339AL4 and Shoe Carnival
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 142339AL4 and Shoe is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding CSL 22 01 MAR 32 and Shoe Carnival in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shoe Carnival and 142339AL4 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 CSL 22 01 MAR 32 are associated (or correlated) with Shoe Carnival. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shoe Carnival has no effect on the direction of 142339AL4 i.e., 142339AL4 and Shoe Carnival go up and down completely randomly.
Pair Corralation between 142339AL4 and Shoe Carnival
Assuming the 90 days trading horizon CSL 22 01 MAR 32 is expected to under-perform the Shoe Carnival. But the bond apears to be less risky and, when comparing its historical volatility, CSL 22 01 MAR 32 is 3.93 times less risky than Shoe Carnival. The bond trades about -0.02 of its potential returns per unit of risk. The Shoe Carnival is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,931 in Shoe Carnival on September 14, 2024 and sell it today you would earn a total of 449.00 from holding Shoe Carnival or generate 15.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 92.37% |
| Values | Daily Returns |
CSL 22 01 MAR 32 vs. Shoe Carnival
Performance |
| Timeline |
| CSL 22 01 |
| Shoe Carnival |
142339AL4 and Shoe Carnival Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 142339AL4 and Shoe Carnival
The main advantage of trading using opposite 142339AL4 and Shoe Carnival positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 142339AL4 position performs unexpectedly, Shoe Carnival 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 Shoe Carnival will offset losses from the drop in Shoe Carnival's long position.| 142339AL4 vs. Coupang LLC | 142339AL4 vs. Kite Realty Group | 142339AL4 vs. Radcom | 142339AL4 vs. Tradeweb Markets |
| Shoe Carnival vs. Capri Holdings | Shoe Carnival vs. Movado Group | Shoe Carnival vs. Tapestry | Shoe Carnival vs. Brilliant Earth Group |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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