Correlation Between 828807DM6 and Lululemon Athletica
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By analyzing existing cross correlation between SPG 22 01 FEB 31 and Lululemon Athletica, you can compare the effects of market volatilities on 828807DM6 and Lululemon Athletica 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 828807DM6 with a short position of Lululemon Athletica. Check out your portfolio center. Please also check ongoing floating volatility patterns of 828807DM6 and Lululemon Athletica.
Diversification Opportunities for 828807DM6 and Lululemon Athletica
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 828807DM6 and Lululemon is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding SPG 22 01 FEB 31 and Lululemon Athletica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lululemon Athletica and 828807DM6 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 SPG 22 01 FEB 31 are associated (or correlated) with Lululemon Athletica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lululemon Athletica has no effect on the direction of 828807DM6 i.e., 828807DM6 and Lululemon Athletica go up and down completely randomly.
Pair Corralation between 828807DM6 and Lululemon Athletica
Assuming the 90 days trading horizon SPG 22 01 FEB 31 is expected to under-perform the Lululemon Athletica. But the bond apears to be less risky and, when comparing its historical volatility, SPG 22 01 FEB 31 is 5.84 times less risky than Lululemon Athletica. The bond trades about -0.18 of its potential returns per unit of risk. The Lululemon Athletica is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 26,530 in Lululemon Athletica on September 15, 2024 and sell it today you would earn a total of 12,633 from holding Lululemon Athletica or generate 47.62% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.44% |
Values | Daily Returns |
SPG 22 01 FEB 31 vs. Lululemon Athletica
Performance |
Timeline |
SPG 22 01 |
Lululemon Athletica |
828807DM6 and Lululemon Athletica Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 828807DM6 and Lululemon Athletica
The main advantage of trading using opposite 828807DM6 and Lululemon Athletica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 828807DM6 position performs unexpectedly, Lululemon Athletica 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 Lululemon Athletica will offset losses from the drop in Lululemon Athletica's long position.828807DM6 vs. Lululemon Athletica | 828807DM6 vs. Summit Materials | 828807DM6 vs. Perseus Mining Limited | 828807DM6 vs. The Gap, |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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