Correlation Between 29449WAE7 and Lululemon Athletica
Specify exactly 2 symbols:
By analyzing existing cross correlation between EQH 1 09 JAN 26 and Lululemon Athletica, you can compare the effects of market volatilities on 29449WAE7 and Lululemon Athletica 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 29449WAE7 with a short position of Lululemon Athletica. Check out your portfolio center. Please also check ongoing floating volatility patterns of 29449WAE7 and Lululemon Athletica.
Diversification Opportunities for 29449WAE7 and Lululemon Athletica
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 29449WAE7 and Lululemon is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding EQH 1 09 JAN 26 and Lululemon Athletica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lululemon Athletica and 29449WAE7 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 EQH 1 09 JAN 26 are associated (or correlated) with Lululemon Athletica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lululemon Athletica has no effect on the direction of 29449WAE7 i.e., 29449WAE7 and Lululemon Athletica go up and down completely randomly.
Pair Corralation between 29449WAE7 and Lululemon Athletica
Assuming the 90 days trading horizon 29449WAE7 is expected to generate 24.77 times less return on investment than Lululemon Athletica. But when comparing it to its historical volatility, EQH 1 09 JAN 26 is 27.96 times less risky than Lululemon Athletica. It trades about 0.28 of its potential returns per unit of risk. Lululemon Athletica is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 26,014 in Lululemon Athletica on September 12, 2024 and sell it today you would earn a total of 14,222 from holding Lululemon Athletica or generate 54.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 31.25% |
| Values | Daily Returns |
EQH 1 09 JAN 26 vs. Lululemon Athletica
Performance |
| Timeline |
| 29449WAE7 |
| Lululemon Athletica |
29449WAE7 and Lululemon Athletica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 29449WAE7 and Lululemon Athletica
The main advantage of trading using opposite 29449WAE7 and Lululemon Athletica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 29449WAE7 position performs unexpectedly, Lululemon Athletica 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 Lululemon Athletica will offset losses from the drop in Lululemon Athletica's long position.| 29449WAE7 vs. AEP TEX INC | 29449WAE7 vs. US BANK NATIONAL | 29449WAE7 vs. Alphabet Inc Class C | 29449WAE7 vs. InMode |
| Lululemon Athletica vs. Digital Brands Group | Lululemon Athletica vs. Data Storage | Lululemon Athletica vs. Auddia Inc | Lululemon Athletica vs. DatChat Series A |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |