Correlation Analysis Between Rite Aid and Macys

This module allows you to analyze existing cross correlation between Rite Aid Corporation and Macys. 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 and Macys.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Rite Aid Corp.  vs.  Macys Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Rite Aid Corporation is expected to generate 0.81 times more return on investment than Macys. However, Rite Aid Corporation is 1.24 times less risky than Macys. It trades about 0.45 of its potential returns per unit of risk. Macys is currently generating about 0.18 per unit of risk. If you would invest  166.00  in Rite Aid Corporation on May 25, 2018 and sell it today you would earn a total of  36.00  from holding Rite Aid Corporation or generate 21.69% return on investment over 30 days.

Pair Corralation between Rite Aid and Macys

0.48
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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 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 has no effect on the direction of Rite Aid i.e. Rite Aid and Macys go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Rite Aid  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Rite Aid Corporation are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.
Macys  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Macys are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1157.66

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