Correlation Between Weyco and KROGER
Specify exactly 2 symbols:
By analyzing existing cross correlation between Weyco Group and KROGER 35 percent, you can compare the effects of market volatilities on Weyco and KROGER 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 Weyco with a short position of KROGER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Weyco and KROGER.
Diversification Opportunities for Weyco and KROGER
Very good diversification
The 3 months correlation between Weyco and KROGER is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Weyco Group and KROGER 35 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KROGER 35 percent and Weyco 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 Weyco Group are associated (or correlated) with KROGER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KROGER 35 percent has no effect on the direction of Weyco i.e., Weyco and KROGER go up and down completely randomly.
Pair Corralation between Weyco and KROGER
Given the investment horizon of 90 days Weyco Group is expected to generate 5.79 times more return on investment than KROGER. However, Weyco is 5.79 times more volatile than KROGER 35 percent. It trades about 0.06 of its potential returns per unit of risk. KROGER 35 percent is currently generating about -0.11 per unit of risk. If you would invest 3,258 in Weyco Group on September 4, 2024 and sell it today you would earn a total of 341.00 from holding Weyco Group or generate 10.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 92.19% |
| Values | Daily Returns |
Weyco Group vs. KROGER 35 percent
Performance |
| Timeline |
| Weyco Group |
| KROGER 35 percent |
Weyco and KROGER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Weyco and KROGER
The main advantage of trading using opposite Weyco and KROGER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Weyco position performs unexpectedly, KROGER 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 KROGER will offset losses from the drop in KROGER's long position.The idea behind Weyco Group and KROGER 35 percent pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| KROGER vs. Weyco Group | KROGER vs. Eastern Co | KROGER vs. RBC Bearings Incorporated | KROGER vs. Tower One Wireless |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |