Correlation Between Lamar Advertising and Equity One
Can any of the company-specific risk be diversified away by investing in both Lamar Advertising and Equity One 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 Lamar Advertising and Equity One into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lamar Advertising and Equity One, you can compare the effects of market volatilities on Lamar Advertising and Equity One 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 Lamar Advertising with a short position of Equity One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lamar Advertising and Equity One.
Diversification Opportunities for Lamar Advertising and Equity One
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lamar and Equity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lamar Advertising and Equity One in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Equity One and Lamar Advertising 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 Lamar Advertising are associated (or correlated) with Equity One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Equity One has no effect on the direction of Lamar Advertising i.e., Lamar Advertising and Equity One go up and down completely randomly.
Pair Corralation between Lamar Advertising and Equity One
If you would invest 8,552 in Lamar Advertising on February 9, 2024 and sell it today you would earn a total of 3,199 from holding Lamar Advertising or generate 37.41% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Lamar Advertising vs. Equity One
Performance |
Timeline |
Lamar Advertising |
Equity One |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Lamar Advertising and Equity One Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Lamar Advertising and Equity One
The main advantage of trading using opposite Lamar Advertising and Equity One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lamar Advertising position performs unexpectedly, Equity One 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 Equity One will offset losses from the drop in Equity One's long position.Lamar Advertising vs. Rayonier | Lamar Advertising vs. Gaming Leisure Properties | Lamar Advertising vs. EPR Properties | Lamar Advertising vs. AFC Gamma |
Equity One vs. American Video Teleconferencing | Equity One vs. Reynaldos Mexican Food | Equity One vs. Rave Restaurant Group | Equity One vs. Tootsie Roll Industries |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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