Correlation Between Walmart and CORNING
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By analyzing existing cross correlation between Walmart and CORNING INC 585, you can compare the effects of market volatilities on Walmart and CORNING 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 CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and CORNING.
Diversification Opportunities for Walmart and CORNING
Excellent diversification
The 3 months correlation between Walmart and CORNING is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and CORNING INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNING INC 585 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 are associated (or correlated) with CORNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNING INC 585 has no effect on the direction of Walmart i.e., Walmart and CORNING go up and down completely randomly.
Pair Corralation between Walmart and CORNING
Considering the 90-day investment horizon Walmart is expected to generate 0.84 times more return on investment than CORNING. However, Walmart is 1.19 times less risky than CORNING. It trades about 0.25 of its potential returns per unit of risk. CORNING INC 585 is currently generating about -0.01 per unit of risk. If you would invest 6,683 in Walmart on September 12, 2024 and sell it today you would earn a total of 2,772 from holding Walmart or generate 41.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 71.2% |
| Values | Daily Returns |
Walmart vs. CORNING INC 585
Performance |
| Timeline |
| Walmart |
| CORNING INC 585 |
Walmart and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and CORNING
The main advantage of trading using opposite Walmart and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, CORNING 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 CORNING will offset losses from the drop in CORNING's long position.| Walmart vs. Costco Wholesale Corp | Walmart vs. Dollar Tree | Walmart vs. BJs Wholesale Club | Walmart vs. Target |
| CORNING vs. AEP TEX INC | CORNING vs. US BANK NATIONAL | CORNING vs. Applied Blockchain | CORNING vs. BigBearai Holdings |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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