Correlation Between Walmart and HALLIBURTON
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By analyzing existing cross correlation between Walmart and HALLIBURTON 475 percent, you can compare the effects of market volatilities on Walmart and HALLIBURTON 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 HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and HALLIBURTON.
Diversification Opportunities for Walmart and HALLIBURTON
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Walmart and HALLIBURTON is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and HALLIBURTON 475 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 475 percent 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 HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 475 percent has no effect on the direction of Walmart i.e., Walmart and HALLIBURTON go up and down completely randomly.
Pair Corralation between Walmart and HALLIBURTON
Considering the 90-day investment horizon Walmart is expected to generate 1.15 times more return on investment than HALLIBURTON. However, Walmart is 1.15 times more volatile than HALLIBURTON 475 percent. It trades about 0.15 of its potential returns per unit of risk. HALLIBURTON 475 percent is currently generating about 0.02 per unit of risk. If you would invest 4,450 in Walmart on November 28, 2024 and sell it today you would earn a total of 5,308 from holding Walmart or generate 119.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.36% |
| Values | Daily Returns |
Walmart vs. HALLIBURTON 475 percent
Performance |
| Timeline |
| Walmart |
| HALLIBURTON 475 percent |
Walmart and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and HALLIBURTON
The main advantage of trading using opposite Walmart and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| Walmart vs. Aquagold International | Walmart vs. Thrivent High Yield | Walmart vs. Morningstar Unconstrained Allocation | Walmart vs. Via Renewables |
| HALLIBURTON vs. Alternative Investment | HALLIBURTON vs. Nasdaq Inc | HALLIBURTON vs. Tradeweb Markets | HALLIBURTON vs. Sea |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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