Correlation Between Ingles Markets and Smart Final
Can any of the company-specific risk be diversified away by investing in both Ingles Markets and Smart Final 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 Ingles Markets and Smart Final into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingles Markets Incorporated and Smart Final Stores, you can compare the effects of market volatilities on Ingles Markets and Smart Final 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 Ingles Markets with a short position of Smart Final. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingles Markets and Smart Final.
Diversification Opportunities for Ingles Markets and Smart Final
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ingles and Smart is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ingles Markets Incorporated and Smart Final Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smart Final Stores and Ingles Markets 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 Ingles Markets Incorporated are associated (or correlated) with Smart Final. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smart Final Stores has no effect on the direction of Ingles Markets i.e., Ingles Markets and Smart Final go up and down completely randomly.
Pair Corralation between Ingles Markets and Smart Final
If you would invest (100.00) in Smart Final Stores on January 24, 2024 and sell it today you would earn a total of 100.00 from holding Smart Final Stores or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ingles Markets Incorporated vs. Smart Final Stores
Performance |
| Timeline |
| Ingles Markets rporated |
| Smart Final Stores |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ingles Markets and Smart Final Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ingles Markets and Smart Final
The main advantage of trading using opposite Ingles Markets and Smart Final positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingles Markets position performs unexpectedly, Smart Final 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 Smart Final will offset losses from the drop in Smart Final's long position.| Ingles Markets vs. Big Lots | Ingles Markets vs. Aquagold International | Ingles Markets vs. Thrivent High Yield | Ingles Markets vs. Morningstar Unconstrained Allocation |
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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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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