Correlation Between 49326EEN9 and Zumiez
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By analyzing existing cross correlation between KEY 4789 01 JUN 33 and Zumiez Inc, you can compare the effects of market volatilities on 49326EEN9 and Zumiez 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 49326EEN9 with a short position of Zumiez. Check out your portfolio center. Please also check ongoing floating volatility patterns of 49326EEN9 and Zumiez.
Diversification Opportunities for 49326EEN9 and Zumiez
Very weak diversification
The 3 months correlation between 49326EEN9 and Zumiez is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding KEY 4789 01 JUN 33 and Zumiez Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zumiez Inc and 49326EEN9 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 KEY 4789 01 JUN 33 are associated (or correlated) with Zumiez. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zumiez Inc has no effect on the direction of 49326EEN9 i.e., 49326EEN9 and Zumiez go up and down completely randomly.
Pair Corralation between 49326EEN9 and Zumiez
Assuming the 90 days trading horizon KEY 4789 01 JUN 33 is expected to generate 0.17 times more return on investment than Zumiez. However, KEY 4789 01 JUN 33 is 5.92 times less risky than Zumiez. It trades about 0.13 of its potential returns per unit of risk. Zumiez Inc is currently generating about -0.17 per unit of risk. If you would invest 9,522 in KEY 4789 01 JUN 33 on September 23, 2024 and sell it today you would earn a total of 206.00 from holding KEY 4789 01 JUN 33 or generate 2.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
KEY 4789 01 JUN 33 vs. Zumiez Inc
Performance |
Timeline |
KEY 4789 01 |
Zumiez Inc |
49326EEN9 and Zumiez Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 49326EEN9 and Zumiez
The main advantage of trading using opposite 49326EEN9 and Zumiez positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 49326EEN9 position performs unexpectedly, Zumiez 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 Zumiez will offset losses from the drop in Zumiez's long position.49326EEN9 vs. Zumiez Inc | 49326EEN9 vs. Perseus Mining Limited | 49326EEN9 vs. Tandy Leather Factory | 49326EEN9 vs. Bassett Furniture Industries |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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