Correlation Analysis Between Sothebys and BJs Wholesale

This module allows you to analyze existing cross correlation between Sothebys and BJs Wholesale Club Holdings I. You can compare the effects of market volatilities on Sothebys 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 Sothebys with a short position of BJs Wholesale. See also your portfolio center. Please also check ongoing floating volatility patterns of Sothebys and BJs Wholesale.
Horizon     30 Days    Login   to change
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Comparative Performance

Sothebys  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Sothebys are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, Sothebys is not utilizing all of its potentials. The prevailing stock price tumult, may contribute to shorter-term losses for the shareholders.
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 fairly consistent technical and fundamental indicators, BJs Wholesale is not utilizing all of its potentials. The ongoing stock price confusion, may contribute to short-horizon losses for the traders.

Sothebys and BJs Wholesale Volatility Contrast

 Predicted Return Density 
      Returns 

Sothebys  vs.  BJs Wholesale Club Holdings I

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Sothebys is expected to generate 0.28 times more return on investment than BJs Wholesale. However, Sothebys is 3.64 times less risky than BJs Wholesale. It trades about 0.05 of its potential returns per unit of risk. BJs Wholesale Club Holdings I is currently generating about 0.0 per unit of risk. If you would invest  5,773  in Sothebys on July 25, 2019 and sell it today you would earn a total of  95.00  from holding Sothebys or generate 1.65% return on investment over 30 days.

Pair Corralation between Sothebys and BJs Wholesale

-0.13
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy75.86%
ValuesDaily Returns

Diversification Opportunities for Sothebys and BJs Wholesale

Sothebys diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Sothebys 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 Sothebys 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 Sothebys 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 Sothebys i.e. Sothebys and BJs Wholesale go up and down completely randomly.

BJs Wholesale Club Holdings I

Pair trading matchups for BJs Wholesale

See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.


 
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