Correlation Between Walmart and HOLOGIC
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By analyzing existing cross correlation between Walmart and HOLOGIC INC 325, you can compare the effects of market volatilities on Walmart and HOLOGIC 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 HOLOGIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and HOLOGIC.
Diversification Opportunities for Walmart and HOLOGIC
Pay attention - limited upside
The 3 months correlation between Walmart and HOLOGIC is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and HOLOGIC INC 325 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOLOGIC INC 325 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 HOLOGIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOLOGIC INC 325 has no effect on the direction of Walmart i.e., Walmart and HOLOGIC go up and down completely randomly.
Pair Corralation between Walmart and HOLOGIC
Considering the 90-day investment horizon Walmart is expected to generate 0.83 times more return on investment than HOLOGIC. However, Walmart is 1.21 times less risky than HOLOGIC. It trades about 0.55 of its potential returns per unit of risk. HOLOGIC INC 325 is currently generating about -0.2 per unit of risk. If you would invest 8,245 in Walmart on September 5, 2024 and sell it today you would earn a total of 1,106 from holding Walmart or generate 13.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 86.36% |
| Values | Daily Returns |
Walmart vs. HOLOGIC INC 325
Performance |
| Timeline |
| Walmart |
| HOLOGIC INC 325 |
Walmart and HOLOGIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and HOLOGIC
The main advantage of trading using opposite Walmart and HOLOGIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, HOLOGIC 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 HOLOGIC will offset losses from the drop in HOLOGIC's long position.| Walmart vs. Aquagold International | Walmart vs. Thrivent High Yield | Walmart vs. Morningstar Unconstrained Allocation | Walmart vs. Via Renewables |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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