Correlation Between SUPERVALU INC and Weis Markets
Can any of the company-specific risk be diversified away by investing in both SUPERVALU INC and Weis Markets 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 Weis Markets into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SUPERVALU INC and Weis Markets, you can compare the effects of market volatilities on SUPERVALU INC and Weis Markets 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 Weis Markets. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUPERVALU INC and Weis Markets.
Diversification Opportunities for SUPERVALU INC and Weis Markets
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SUPERVALU and Weis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SUPERVALU INC and Weis Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Weis Markets 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 Weis Markets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Weis Markets has no effect on the direction of SUPERVALU INC i.e., SUPERVALU INC and Weis Markets go up and down completely randomly.
Pair Corralation between SUPERVALU INC and Weis Markets
If you would invest 6,382 in Weis Markets on January 20, 2024 and sell it today you would earn a total of 67.00 from holding Weis Markets or generate 1.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SUPERVALU INC vs. Weis Markets
Performance |
| Timeline |
| SUPERVALU INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Weis Markets |
SUPERVALU INC and Weis Markets Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUPERVALU INC and Weis Markets
The main advantage of trading using opposite SUPERVALU INC and Weis Markets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUPERVALU INC position performs unexpectedly, Weis Markets 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 Weis Markets will offset losses from the drop in Weis Markets' long position.| SUPERVALU INC vs. Getty Images Holdings | SUPERVALU INC vs. Datadog | SUPERVALU INC vs. Asure Software | SUPERVALU INC vs. Premium Beverage Group |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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