Correlation Between Macys and Barnes Noble
Can any of the company-specific risk be diversified away by investing in both Macys and Barnes Noble 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 Macys and Barnes Noble into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Macys Inc and Barnes Noble, you can compare the effects of market volatilities on Macys and Barnes Noble 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 Macys with a short position of Barnes Noble. Check out your portfolio center. Please also check ongoing floating volatility patterns of Macys and Barnes Noble.
Diversification Opportunities for Macys and Barnes Noble
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Macys and Barnes is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Macys Inc and Barnes Noble in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barnes Noble and Macys 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 Macys Inc are associated (or correlated) with Barnes Noble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barnes Noble has no effect on the direction of Macys i.e., Macys and Barnes Noble go up and down completely randomly.
Pair Corralation between Macys and Barnes Noble
If you would invest (100.00) in Barnes Noble on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Barnes Noble 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 |
Macys Inc vs. Barnes Noble
Performance |
| Timeline |
| Macys Inc |
| Barnes Noble |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Macys and Barnes Noble Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Macys and Barnes Noble
The main advantage of trading using opposite Macys and Barnes Noble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Macys position performs unexpectedly, Barnes Noble 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 Barnes Noble will offset losses from the drop in Barnes Noble's long position.| Macys vs. Marks Spencer Group | Macys vs. Marks and Spencer | Macys vs. Dillards Capital Trust | Macys vs. Companhia Brasileira de |
| Barnes Noble vs. United Fire Group | Barnes Noble vs. Fomento Economico Mexicano | Barnes Noble vs. Palomar Holdings | Barnes Noble vs. HydroGraph Clean Power |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |