Correlation Between WALMART and Nextplat Corp
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By analyzing existing cross correlation between WALMART INC 3625 and Nextplat Corp, you can compare the effects of market volatilities on WALMART and Nextplat Corp 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 WALMART with a short position of Nextplat Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of WALMART and Nextplat Corp.
Diversification Opportunities for WALMART and Nextplat Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between WALMART and Nextplat is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WALMART INC 3625 and Nextplat Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nextplat Corp and WALMART 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 WALMART INC 3625 are associated (or correlated) with Nextplat Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nextplat Corp has no effect on the direction of WALMART i.e., WALMART and Nextplat Corp go up and down completely randomly.
Pair Corralation between WALMART and Nextplat Corp
Assuming the 90 days trading horizon WALMART INC 3625 is expected to generate 1.28 times more return on investment than Nextplat Corp. However, WALMART is 1.28 times more volatile than Nextplat Corp. It trades about 0.13 of its potential returns per unit of risk. Nextplat Corp is currently generating about -0.11 per unit of risk. If you would invest 8,302 in WALMART INC 3625 on September 2, 2024 and sell it today you would earn a total of 3,339 from holding WALMART INC 3625 or generate 40.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 76.56% |
| Values | Daily Returns |
WALMART INC 3625 vs. Nextplat Corp
Performance |
| Timeline |
| WALMART INC 3625 |
| Nextplat Corp |
WALMART and Nextplat Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WALMART and Nextplat Corp
The main advantage of trading using opposite WALMART and Nextplat Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WALMART position performs unexpectedly, Nextplat Corp 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 Nextplat Corp will offset losses from the drop in Nextplat Corp's long position.| WALMART vs. KNOT Offshore Partners | WALMART vs. Montauk Renewables | WALMART vs. Direct Line Insurance | WALMART vs. Trupanion |
| Nextplat Corp vs. Ke Holdings | Nextplat Corp vs. nCino Inc | Nextplat Corp vs. Kingsoft Cloud Holdings | Nextplat Corp vs. Jfrog |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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