Correlation Between Ollies Bargain and Zulily
Can any of the company-specific risk be diversified away by investing in both Ollies Bargain and Zulily 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 Ollies Bargain and Zulily into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ollies Bargain Outlet and Zulily Inc, you can compare the effects of market volatilities on Ollies Bargain and Zulily 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 Ollies Bargain with a short position of Zulily. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ollies Bargain and Zulily.
Diversification Opportunities for Ollies Bargain and Zulily
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ollies and Zulily is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ollies Bargain Outlet and Zulily Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zulily Inc and Ollies Bargain 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 Ollies Bargain Outlet are associated (or correlated) with Zulily. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zulily Inc has no effect on the direction of Ollies Bargain i.e., Ollies Bargain and Zulily go up and down completely randomly.
Pair Corralation between Ollies Bargain and Zulily
If you would invest 7,297 in Ollies Bargain Outlet on February 7, 2024 and sell it today you would earn a total of 383.00 from holding Ollies Bargain Outlet or generate 5.25% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Ollies Bargain Outlet vs. Zulily Inc
Performance |
Timeline |
Ollies Bargain Outlet |
Zulily Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ollies Bargain and Zulily Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ollies Bargain and Zulily
The main advantage of trading using opposite Ollies Bargain and Zulily positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ollies Bargain position performs unexpectedly, Zulily 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 Zulily will offset losses from the drop in Zulily's long position.Ollies Bargain vs. BJs Wholesale Club | Ollies Bargain vs. Dollar General | Ollies Bargain vs. Costco Wholesale Corp | Ollies Bargain vs. Walmart |
Zulily vs. Yoshitsu Co Ltd | Zulily vs. Arrow Electronics | Zulily vs. Coupang LLC | Zulily vs. Chester Mining |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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