Correlation Analysis Between DOW and Best Buy

This module allows you to analyze existing cross correlation between DOW and Best Buy Co. You can compare the effects of market volatilities on DOW and Best Buy 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 DOW with a short position of Best Buy. See also your portfolio center. Please also check ongoing floating volatility patterns of DOW and Best Buy.
 Time Horizon     30 Days    Login   to change
Symbolsvs

DOW  vs.  Best Buy Co Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to under-perform the Best Buy. But the index apears to be less risky and, when comparing its historical volatility, DOW is 2.34 times less risky than Best Buy. The index trades about -0.02 of its potential returns per unit of risk. The Best Buy Co is currently generating about 0.41 of returns per unit of risk over similar time horizon. If you would invest  6,818  in Best Buy Co on May 26, 2018 and sell it today you would earn a total of  808.00  from holding Best Buy Co or generate 11.85% return on investment over 30 days.

Pair Corralation between DOW and Best Buy

0.0
Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy64.52%
ValuesDaily Returns

Diversification

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding DOW and Best Buy Co Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy Co and DOW 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 DOW are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy Co has no effect on the direction of DOW i.e. DOW and Best Buy go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1143.22

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See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.