Correlation Between EQUINOR and Ross Stores
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By analyzing existing cross correlation between EQUINOR ASA and Ross Stores, you can compare the effects of market volatilities on EQUINOR and Ross Stores 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 EQUINOR with a short position of Ross Stores. Check out your portfolio center. Please also check ongoing floating volatility patterns of EQUINOR and Ross Stores.
Diversification Opportunities for EQUINOR and Ross Stores
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between EQUINOR and Ross is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding EQUINOR ASA and Ross Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ross Stores and EQUINOR 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 EQUINOR ASA are associated (or correlated) with Ross Stores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ross Stores has no effect on the direction of EQUINOR i.e., EQUINOR and Ross Stores go up and down completely randomly.
Pair Corralation between EQUINOR and Ross Stores
Assuming the 90 days trading horizon EQUINOR ASA is expected to under-perform the Ross Stores. But the bond apears to be less risky and, when comparing its historical volatility, EQUINOR ASA is 1.19 times less risky than Ross Stores. The bond trades about -0.03 of its potential returns per unit of risk. The Ross Stores is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 13,068 in Ross Stores on September 2, 2024 and sell it today you would earn a total of 2,419 from holding Ross Stores or generate 18.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 83.06% |
| Values | Daily Returns |
EQUINOR ASA vs. Ross Stores
Performance |
| Timeline |
| EQUINOR ASA |
| Ross Stores |
EQUINOR and Ross Stores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EQUINOR and Ross Stores
The main advantage of trading using opposite EQUINOR and Ross Stores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EQUINOR position performs unexpectedly, Ross Stores 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 Ross Stores will offset losses from the drop in Ross Stores' long position.| EQUINOR vs. Cleantech Power Corp | EQUINOR vs. Under Armour C | EQUINOR vs. Logan Ridge Finance | EQUINOR vs. Verde Clean Fuels |
| Ross Stores vs. Burlington Stores | Ross Stores vs. American Eagle Outfitters | Ross Stores vs. Lululemon Athletica | Ross Stores vs. Foot Locker |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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