Correlation Between Walmart and KINDER
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By analyzing existing cross correlation between Walmart and KINDER MORGAN INC, you can compare the effects of market volatilities on Walmart and KINDER 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 KINDER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and KINDER.
Diversification Opportunities for Walmart and KINDER
Pay attention - limited upside
The 3 months correlation between Walmart and KINDER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and KINDER MORGAN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KINDER MORGAN INC 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 KINDER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KINDER MORGAN INC has no effect on the direction of Walmart i.e., Walmart and KINDER go up and down completely randomly.
Pair Corralation between Walmart and KINDER
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Walmart vs. KINDER MORGAN INC
Performance |
| Timeline |
| Walmart |
| KINDER MORGAN INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Walmart and KINDER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and KINDER
The main advantage of trading using opposite Walmart and KINDER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, KINDER 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 KINDER will offset losses from the drop in KINDER's long position.| Walmart vs. Aquagold International | Walmart vs. Thrivent High Yield | Walmart vs. Morningstar Unconstrained Allocation | Walmart vs. Via Renewables |
| KINDER vs. Ralph Lauren Corp | KINDER vs. Burlington Stores | KINDER vs. SunLink Health Systems | KINDER vs. Nike Inc |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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