Correlation Between WALGREENS and EastGroup Properties
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By analyzing existing cross correlation between WALGREENS BOOTS ALLIANCE and EastGroup Properties, you can compare the effects of market volatilities on WALGREENS and EastGroup Properties 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 WALGREENS with a short position of EastGroup Properties. Check out your portfolio center. Please also check ongoing floating volatility patterns of WALGREENS and EastGroup Properties.
Diversification Opportunities for WALGREENS and EastGroup Properties
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between WALGREENS and EastGroup is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding WALGREENS BOOTS ALLIANCE and EastGroup Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EastGroup Properties and WALGREENS 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 WALGREENS BOOTS ALLIANCE are associated (or correlated) with EastGroup Properties. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EastGroup Properties has no effect on the direction of WALGREENS i.e., WALGREENS and EastGroup Properties go up and down completely randomly.
Pair Corralation between WALGREENS and EastGroup Properties
Assuming the 90 days trading horizon WALGREENS BOOTS ALLIANCE is expected to under-perform the EastGroup Properties. In addition to that, WALGREENS is 1.13 times more volatile than EastGroup Properties. It trades about 0.0 of its total potential returns per unit of risk. EastGroup Properties is currently generating about 0.01 per unit of volatility. If you would invest 16,358 in EastGroup Properties on October 24, 2024 and sell it today you would earn a total of 554.00 from holding EastGroup Properties or generate 3.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.96% |
| Values | Daily Returns |
WALGREENS BOOTS ALLIANCE vs. EastGroup Properties
Performance |
| Timeline |
| WALGREENS BOOTS ALLIANCE |
| EastGroup Properties |
WALGREENS and EastGroup Properties Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WALGREENS and EastGroup Properties
The main advantage of trading using opposite WALGREENS and EastGroup Properties positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WALGREENS position performs unexpectedly, EastGroup Properties 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 EastGroup Properties will offset losses from the drop in EastGroup Properties' long position.| WALGREENS vs. EastGroup Properties | WALGREENS vs. Aldel Financial II | WALGREENS vs. Inflection Point Acquisition | WALGREENS vs. Codexis |
| EastGroup Properties vs. Terreno Realty | EastGroup Properties vs. Plymouth Industrial REIT | EastGroup Properties vs. LXP Industrial Trust | EastGroup Properties vs. First Industrial Realty |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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