Pair Correlation Between Rite Aid and Aarons

This module allows you to analyze existing cross correlation between Rite Aid Corporation and Aarons. You can compare the effects of market volatilities on Rite Aid and Aarons 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 Rite Aid with a short position of Aarons. See also your portfolio center. Please also check ongoing floating volatility patterns of Rite Aid and Aarons.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Rite Aid Corp.  vs.  Aarons Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Rite Aid Corporation is expected to under-perform the Aarons. In addition to that, Rite Aid is 2.25 times more volatile than Aarons. It trades about -0.19 of its total potential returns per unit of risk. Aarons is currently generating about 0.21 per unit of volatility. If you would invest  4,256  in Aarons on March 20, 2018 and sell it today you would earn a total of  565.00  from holding Aarons or generate 13.28% return on investment over 30 days.

Pair Corralation between Rite Aid and Aarons

-0.57
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Rite Aid Corp. and Aarons Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Aarons and Rite Aid 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 Rite Aid Corporation are associated (or correlated) with Aarons. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aarons has no effect on the direction of Rite Aid i.e. Rite Aid and Aarons go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Rite Aid  
0 

Risk-Adjusted Performance

Over the last 30 days Rite Aid Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.
Aarons  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Aarons are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

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Alphabet
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IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.08

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