Correlation Between SUPERVALU INC and Sally Beauty
Can any of the company-specific risk be diversified away by investing in both SUPERVALU INC and Sally Beauty 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 SUPERVALU INC and Sally Beauty into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SUPERVALU INC and Sally Beauty Holdings, you can compare the effects of market volatilities on SUPERVALU INC and Sally Beauty 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 SUPERVALU INC with a short position of Sally Beauty. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUPERVALU INC and Sally Beauty.
Diversification Opportunities for SUPERVALU INC and Sally Beauty
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SUPERVALU and Sally is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SUPERVALU INC and Sally Beauty Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sally Beauty Holdings and SUPERVALU INC 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 SUPERVALU INC are associated (or correlated) with Sally Beauty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sally Beauty Holdings has no effect on the direction of SUPERVALU INC i.e., SUPERVALU INC and Sally Beauty go up and down completely randomly.
Pair Corralation between SUPERVALU INC and Sally Beauty
If you would invest (100.00) in SUPERVALU INC on January 20, 2024 and sell it today you would earn a total of 100.00 from holding SUPERVALU INC or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SUPERVALU INC vs. Sally Beauty Holdings
Performance |
| Timeline |
| SUPERVALU INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Sally Beauty Holdings |
SUPERVALU INC and Sally Beauty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUPERVALU INC and Sally Beauty
The main advantage of trading using opposite SUPERVALU INC and Sally Beauty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUPERVALU INC position performs unexpectedly, Sally Beauty 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 Sally Beauty will offset losses from the drop in Sally Beauty's long position.| SUPERVALU INC vs. Getty Images Holdings | SUPERVALU INC vs. Datadog | SUPERVALU INC vs. Asure Software | SUPERVALU INC vs. Premium Beverage Group |
| Sally Beauty vs. OReilly Automotive | Sally Beauty vs. AutoZone | Sally Beauty vs. Genuine Parts Co | Sally Beauty vs. Williams Sonoma |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| AI Investment Finder Use AI to screen and filter profitable investment opportunities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |