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Correlation Between Best Buy and BJs Wholesale

Analyzing existing cross correlation between Best Buy Co and BJs Wholesale Club Holdings I. You can compare the effects of market volatilities on Best Buy and BJs Wholesale 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 Best Buy with a short position of BJs Wholesale. Check out your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and BJs Wholesale.

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Diversification Opportunities for Best Buy and BJs Wholesale

Best Buy Co Inc diversification synergy
-0.45
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<div class='circular--portrait-small' style='background:#FF6600;color: white;font-size:1.1em;padding-top: 12px;;'>BJS</div>

Very good diversification

The 3 months correlation between Best Buy and BJs Wholesale is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and BJs Wholesale Club Holdings I in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BJs Wholesale Club and Best Buy 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 Best Buy Co are associated (or correlated) with BJs Wholesale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BJs Wholesale Club has no effect on the direction of Best Buy i.e. Best Buy and BJs Wholesale go up and down completely randomly.

Pair Corralation between Best Buy and BJs Wholesale

Considering 30-days investment horizon, Best Buy Co is expected to generate 0.74 times more return on investment than BJs Wholesale. However, Best Buy Co is 1.35 times less risky than BJs Wholesale. It trades about 0.03 of its potential returns per unit of risk. BJs Wholesale Club Holdings I is currently generating about -0.13 per unit of risk. If you would invest  8,064  in Best Buy Co on January 27, 2020 and sell it today you would earn a total of  154.00  from holding Best Buy Co or generate 1.91% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy86.11%
ValuesDaily Returns

Best Buy Co Inc  vs.  BJs Wholesale Club Holdings I

 Performance (%) 
    
  Timeline 
Best Buy 
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Inspite fairly strong basic indicators, Best Buy is not utilizing all of its potentials. The continuing stock price disturbance, may contribute to short term losses for the investors.
BJs Wholesale Club 
00

Risk-Adjusted Performance

Over the last 30 days BJs Wholesale Club Holdings I has generated negative risk-adjusted returns adding no value to investors with long positions. Regardless of unsteady performance in the last few months, the Stock's technical and fundamental indicators remain fairly consistent which may send shares a bit higher in March 2020. The prevailing confusion may also be a sign of long-lasting up-swing for the organization traders.

Best Buy and BJs Wholesale Volatility Contrast

 Predicted Return Density 
    
  Returns 
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