Correlation Between Solstad Offshore and MACYS
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By analyzing existing cross correlation between Solstad Offshore ASA and MACYS RETAIL HLDGS, you can compare the effects of market volatilities on Solstad Offshore and MACYS 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 Solstad Offshore with a short position of MACYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solstad Offshore and MACYS.
Diversification Opportunities for Solstad Offshore and MACYS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Solstad and MACYS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Solstad Offshore ASA and MACYS RETAIL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MACYS RETAIL HLDGS and Solstad Offshore 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 Solstad Offshore ASA are associated (or correlated) with MACYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MACYS RETAIL HLDGS has no effect on the direction of Solstad Offshore i.e., Solstad Offshore and MACYS go up and down completely randomly.
Pair Corralation between Solstad Offshore and MACYS
If you would invest 309.00 in Solstad Offshore ASA on September 25, 2024 and sell it today you would earn a total of 0.00 from holding Solstad Offshore ASA or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 90.63% |
Values | Daily Returns |
Solstad Offshore ASA vs. MACYS RETAIL HLDGS
Performance |
Timeline |
Solstad Offshore ASA |
MACYS RETAIL HLDGS |
Solstad Offshore and MACYS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Solstad Offshore and MACYS
The main advantage of trading using opposite Solstad Offshore and MACYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solstad Offshore position performs unexpectedly, MACYS 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 MACYS will offset losses from the drop in MACYS's long position.Solstad Offshore vs. Aduro Clean Technologies | Solstad Offshore vs. Cleantech Power Corp | Solstad Offshore vs. Tyson Foods | Solstad Offshore vs. Integral Ad Science |
MACYS vs. Universal Technical Institute | MACYS vs. RCS MediaGroup SpA | MACYS vs. Coursera | MACYS vs. Solstad Offshore ASA |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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