Correlation Between WiMi Hologram and KROGER
Specify exactly 2 symbols:
By analyzing existing cross correlation between WiMi Hologram Cloud and KROGER CO, you can compare the effects of market volatilities on WiMi Hologram 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 WiMi Hologram with a short position of KROGER. Check out your portfolio center. Please also check ongoing floating volatility patterns of WiMi Hologram and KROGER.
Diversification Opportunities for WiMi Hologram and KROGER
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between WiMi and KROGER is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding WiMi Hologram Cloud and KROGER CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KROGER CO and WiMi Hologram 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 WiMi Hologram Cloud 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 CO has no effect on the direction of WiMi Hologram i.e., WiMi Hologram and KROGER go up and down completely randomly.
Pair Corralation between WiMi Hologram and KROGER
Given the investment horizon of 90 days WiMi Hologram Cloud is expected to generate 6.83 times more return on investment than KROGER. However, WiMi Hologram is 6.83 times more volatile than KROGER CO. It trades about 0.03 of its potential returns per unit of risk. KROGER CO is currently generating about -0.02 per unit of risk. If you would invest 107.00 in WiMi Hologram Cloud on September 3, 2024 and sell it today you would lose (24.00) from holding WiMi Hologram Cloud or give up 22.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 77.37% |
| Values | Daily Returns |
WiMi Hologram Cloud vs. KROGER CO
Performance |
| Timeline |
| WiMi Hologram Cloud |
| KROGER CO |
WiMi Hologram and KROGER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WiMi Hologram and KROGER
The main advantage of trading using opposite WiMi Hologram and KROGER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WiMi Hologram 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.| WiMi Hologram vs. National CineMedia | WiMi Hologram vs. Baosheng Media Group | WiMi Hologram vs. Townsquare Media | WiMi Hologram vs. Dolphin Entertainment |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |