This module allows you to analyze existing cross correlation between Fossil Group Inc and Macys Inc. You can compare the effects of market volatilities on Fossil and Macys 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 Fossil with a short position of Macys. See also your portfolio center
. Please also check ongoing floating volatility patterns of Fossil
Fossil Group Inc vs Macys Inc
Given the investment horizon of 30 days, Fossil Group Inc is expected to under-perform the Macys. But the stock apears to be less risky and, when comparing its historical volatility, Fossil Group Inc is 1.38 times less risky than Macys. The stock trades about -0.19 of its potential returns per unit of risk. The Macys Inc is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,459 in Macys Inc on November 17, 2017 and sell it today you would earn a total of 21 from holding Macys Inc or generate 0.85% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding Fossil Group Inc and Macys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Macys Inc and Fossil 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 Fossil Group Inc are associated (or correlated) with Macys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macys Inc has no effect on the direction of Fossil i.e. Fossil and Macys go up and down completely randomly.
Over the last 30 days Fossil Group Inc has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Macys Inc are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.