Correlation Between Global X and Barnes Noble
Can any of the company-specific risk be diversified away by investing in both Global X 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 Global X and Barnes Noble into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global X Funds and Barnes Noble, you can compare the effects of market volatilities on Global X 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 Global X with a short position of Barnes Noble. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global X and Barnes Noble.
Diversification Opportunities for Global X and Barnes Noble
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and Barnes is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global X Funds and Barnes Noble in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barnes Noble and Global X 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 Global X Funds 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 Global X i.e., Global X and Barnes Noble go up and down completely randomly.
Pair Corralation between Global X and Barnes Noble
If you would invest 2,522 in Global X Funds on January 20, 2024 and sell it today you would earn a total of 662.00 from holding Global X Funds or generate 26.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Global X Funds vs. Barnes Noble
Performance |
| Timeline |
| Global X Funds |
| Barnes Noble |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Global X and Barnes Noble Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global X and Barnes Noble
The main advantage of trading using opposite Global X and Barnes Noble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global X 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.| Global X vs. Vanguard Total Stock | Global X vs. SPDR SP 500 | Global X vs. iShares Core SP | Global X vs. Vanguard Total Bond |
| 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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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