Correlation Between STORE and Edgewell Personal
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By analyzing existing cross correlation between STORE CAP P and Edgewell Personal Care, you can compare the effects of market volatilities on STORE and Edgewell Personal 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 STORE with a short position of Edgewell Personal. Check out your portfolio center. Please also check ongoing floating volatility patterns of STORE and Edgewell Personal.
Diversification Opportunities for STORE and Edgewell Personal
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between STORE and Edgewell is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding STORE CAP P and Edgewell Personal Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Edgewell Personal Care and STORE 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 STORE CAP P are associated (or correlated) with Edgewell Personal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Edgewell Personal Care has no effect on the direction of STORE i.e., STORE and Edgewell Personal go up and down completely randomly.
Pair Corralation between STORE and Edgewell Personal
Assuming the 90 days trading horizon STORE CAP P is expected to under-perform the Edgewell Personal. But the bond apears to be less risky and, when comparing its historical volatility, STORE CAP P is 1.33 times less risky than Edgewell Personal. The bond trades about -0.01 of its potential returns per unit of risk. The Edgewell Personal Care is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,836 in Edgewell Personal Care on September 12, 2024 and sell it today you would lose (247.00) from holding Edgewell Personal Care or give up 6.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 79.6% |
| Values | Daily Returns |
STORE CAP P vs. Edgewell Personal Care
Performance |
| Timeline |
| STORE CAP P |
| Edgewell Personal Care |
STORE and Edgewell Personal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STORE and Edgewell Personal
The main advantage of trading using opposite STORE and Edgewell Personal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STORE position performs unexpectedly, Edgewell Personal 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 Edgewell Personal will offset losses from the drop in Edgewell Personal's long position.| STORE vs. Edgewell Personal Care | STORE vs. KNOT Offshore Partners | STORE vs. Vera Bradley | STORE vs. Weyco Group |
| Edgewell Personal vs. Mannatech Incorporated | Edgewell Personal vs. Inter Parfums | Edgewell Personal vs. Nu Skin Enterprises | Edgewell Personal vs. Helen of Troy |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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