Correlation Between Walmart and NATIONAL
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By analyzing existing cross correlation between Walmart and NATIONAL RETAIL PPTYS, you can compare the effects of market volatilities on Walmart and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walmart and NATIONAL.
Diversification Opportunities for Walmart and NATIONAL
Excellent diversification
The 3 months correlation between Walmart and NATIONAL is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Walmart and NATIONAL RETAIL PPTYS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL RETAIL PPTYS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL RETAIL PPTYS has no effect on the direction of Walmart i.e., Walmart and NATIONAL go up and down completely randomly.
Pair Corralation between Walmart and NATIONAL
Considering the 90-day investment horizon Walmart is expected to generate 26.01 times less return on investment than NATIONAL. But when comparing it to its historical volatility, Walmart is 64.44 times less risky than NATIONAL. It trades about 0.15 of its potential returns per unit of risk. NATIONAL RETAIL PPTYS is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 9,251 in NATIONAL RETAIL PPTYS on September 4, 2024 and sell it today you would earn a total of 207.00 from holding NATIONAL RETAIL PPTYS or generate 2.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 54.96% |
| Values | Daily Returns |
Walmart vs. NATIONAL RETAIL PPTYS
Performance |
| Timeline |
| Walmart |
| NATIONAL RETAIL PPTYS |
Walmart and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walmart and NATIONAL
The main advantage of trading using opposite Walmart and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walmart position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL's long position.| Walmart vs. Aquagold International | Walmart vs. Thrivent High Yield | Walmart vs. Morningstar Unconstrained Allocation | Walmart vs. Via Renewables |
| NATIONAL vs. The Travelers Companies | NATIONAL vs. GE Aerospace | NATIONAL vs. Walmart | NATIONAL vs. Pfizer 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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