This module allows you to analyze existing cross correlation between Rite Aid Corporation and Macys Inc. You can compare the effects of market volatilities on Rite Aid and Macys 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 Macys. See also your portfolio center
. Please also check ongoing floating volatility patterns of Rite Aid
Rite Aid Corp. vs Macys Inc
Considering 30-days investment horizon, Rite Aid is expected to generate 1.82 times less return on investment than Macys. In addition to that, Rite Aid is 2.39 times more volatile than Macys Inc. It trades about 0.13 of its total potential returns per unit of risk. Macys Inc is currently generating about 0.55 per unit of volatility. If you would invest 1,933 in Macys Inc on November 13, 2017 and sell it today you would earn a total of 653 from holding Macys Inc or generate 33.78% return on investment over 30 days.
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Overlapping area represents the amount of risk that can be diversified away by holding Rite Aid Corp. and Macys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Macys Inc 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 Macys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macys Inc has no effect on the direction of Rite Aid i.e. Rite Aid and Macys go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Rite Aid Corporation are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Macys Inc are ranked lower than 36 (%) of all global equities and portfolios over the last 30 days.