Correlation Between Weiss Korea and Bath Body
Can any of the company-specific risk be diversified away by investing in both Weiss Korea and Bath Body at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Weiss Korea and Bath Body into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Weiss Korea Opportunity and Bath Body Works, you can compare the effects of market volatilities on Weiss Korea and Bath Body 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 Weiss Korea with a short position of Bath Body. Check out your portfolio center. Please also check ongoing floating volatility patterns of Weiss Korea and Bath Body.
Diversification Opportunities for Weiss Korea and Bath Body
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Weiss and Bath is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Weiss Korea Opportunity and Bath Body Works in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bath Body Works and Weiss Korea 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 Weiss Korea Opportunity are associated (or correlated) with Bath Body. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bath Body Works has no effect on the direction of Weiss Korea i.e., Weiss Korea and Bath Body go up and down completely randomly.
Pair Corralation between Weiss Korea and Bath Body
If you would invest 3,714 in Bath Body Works on October 4, 2024 and sell it today you would earn a total of 61.00 from holding Bath Body Works or generate 1.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Weiss Korea Opportunity vs. Bath Body Works
Performance |
Timeline |
Weiss Korea Opportunity |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bath Body Works |
Weiss Korea and Bath Body Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Weiss Korea and Bath Body
The main advantage of trading using opposite Weiss Korea and Bath Body positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Weiss Korea position performs unexpectedly, Bath Body 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 Bath Body will offset losses from the drop in Bath Body's long position.Weiss Korea vs. Datalogic | Weiss Korea vs. JB Hunt Transport | Weiss Korea vs. Silver Bullet Data | Weiss Korea vs. Axway Software SA |
Bath Body vs. Hilton Food Group | Bath Body vs. Morgan Advanced Materials | Bath Body vs. Pressure Technologies Plc | Bath Body vs. Compagnie Plastic Omnium |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |