Correlation Between Walmart and 552848AG8
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By analyzing existing cross correlation between Walmart and MGIC INVT P, you can compare the effects of market volatilities on Walmart and 552848AG8 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 552848AG8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and 552848AG8.
Diversification Opportunities for Walmart and 552848AG8
Pay attention - limited upside
The 3 months correlation between Walmart and 552848AG8 is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and MGIC INVT P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGIC INVT P 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 552848AG8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGIC INVT P has no effect on the direction of Walmart i.e., Walmart and 552848AG8 go up and down completely randomly.
Pair Corralation between Walmart and 552848AG8
Considering the 90-day investment horizon Walmart is expected to generate 1.95 times more return on investment than 552848AG8. However, Walmart is 1.95 times more volatile than MGIC INVT P. It trades about 0.16 of its potential returns per unit of risk. MGIC INVT P is currently generating about 0.01 per unit of risk. If you would invest 4,987 in Walmart on August 31, 2024 and sell it today you would earn a total of 4,263 from holding Walmart or generate 85.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 98.93% |
| Values | Daily Returns |
Walmart vs. MGIC INVT P
Performance |
| Timeline |
| Walmart |
| MGIC INVT P |
Walmart and 552848AG8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and 552848AG8
The main advantage of trading using opposite Walmart and 552848AG8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, 552848AG8 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 552848AG8 will offset losses from the drop in 552848AG8's long position.| Walmart vs. Dollar General | Walmart vs. Aquagold International | Walmart vs. Thrivent High Yield | Walmart vs. Morningstar Unconstrained Allocation |
| 552848AG8 vs. Marfrig Global Foods | 552848AG8 vs. SunOpta | 552848AG8 vs. Westinghouse Air Brake | 552848AG8 vs. Where Food Comes |
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 CEOs Directory module to screen CEOs from public companies around the world.
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