Correlation Analysis Between Best Buy and Sprint

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

Comparative Performance

Best Buy  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days. Inspite fairly inconsistent basic indicators, Best Buy showed solid returns over the last few months and may actually be approaching a breakup point.

Risk-Adjusted Performance

Over the last 30 days Sprint Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of fragile performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in January 2020. The latest agitation may also be a sign of long running up-swing for the enterprise management.

Best Buy and Sprint Volatility Contrast

 Predicted Return Density 

Best Buy Co Inc  vs.  Sprint Corp.

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, Best Buy Co is expected to generate 1.17 times more return on investment than Sprint. However, Best Buy is 1.17 times more volatile than Sprint Corporation. It trades about 0.2 of its potential returns per unit of risk. Sprint Corporation is currently generating about -0.25 per unit of risk. If you would invest  6,754  in Best Buy Co on November 12, 2019 and sell it today you would earn a total of  1,781  from holding Best Buy Co or generate 26.37% return on investment over 30 days.

Pair Corralation between Best Buy and Sprint

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Best Buy and Sprint

Best Buy Co Inc diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and Sprint Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Sprint and Best Buy 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 Best Buy Co are associated (or correlated) with Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint has no effect on the direction of Best Buy i.e. Best Buy and Sprint go up and down completely randomly.
See also your portfolio center. Please also try Money Managers module to screen money managers from public funds and etfs managed around the world.