Correlation Between WALMART and Genfit
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By analyzing existing cross correlation between WALMART INC 395 and Genfit, you can compare the effects of market volatilities on WALMART and Genfit 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 Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of WALMART and Genfit.
Diversification Opportunities for WALMART and Genfit
Very good diversification
The 3 months correlation between WALMART and Genfit is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding WALMART INC 395 and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit 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 395 are associated (or correlated) with Genfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genfit has no effect on the direction of WALMART i.e., WALMART and Genfit go up and down completely randomly.
Pair Corralation between WALMART and Genfit
Assuming the 90 days trading horizon WALMART INC 395 is expected to generate 0.18 times more return on investment than Genfit. However, WALMART INC 395 is 5.58 times less risky than Genfit. It trades about 0.01 of its potential returns per unit of risk. Genfit is currently generating about -0.02 per unit of risk. If you would invest 9,045 in WALMART INC 395 on September 2, 2024 and sell it today you would earn a total of 20.00 from holding WALMART INC 395 or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.89% |
| Values | Daily Returns |
WALMART INC 395 vs. Genfit
Performance |
| Timeline |
| WALMART INC 5 |
| Genfit |
WALMART and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WALMART and Genfit
The main advantage of trading using opposite WALMART and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WALMART position performs unexpectedly, Genfit 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 Genfit will offset losses from the drop in Genfit's long position.| WALMART vs. AEP TEX INC | WALMART vs. US BANK NATIONAL | WALMART vs. Bank of America | WALMART vs. GE Aerospace |
| Genfit vs. Tff Pharmaceuticals | Genfit vs. Eliem Therapeutics | Genfit vs. Inhibrx | Genfit vs. Enliven Therapeutics |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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