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
Symbolsvs
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Comparative Performance

Sothebys  
00

Risk-Adjusted Performance

Over the last 30 days Sothebys has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, Sothebys is not utilizing all of its potentials. The existing stock price tumult, may contribute to shorter-term losses for the shareholders.
BJs Wholesale Club  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BJs Wholesale Club Holdings I are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Regardless of fairly weak technical and fundamental indicators, BJs Wholesale demonstrated solid returns over the last few months and may actually be approaching a breakup point.

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 under-perform the BJs Wholesale. But the stock apears to be less risky and, when comparing its historical volatility, Sothebys is 10.29 times less risky than BJs Wholesale. The stock trades about -0.16 of its potential returns per unit of risk. The BJs Wholesale Club Holdings I is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  2,168  in BJs Wholesale Club Holdings I on October 15, 2019 and sell it today you would earn a total of  500.00  from holding BJs Wholesale Club Holdings I or generate 23.06% return on investment over 30 days.

Pair Corralation between Sothebys and BJs Wholesale

0.56
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy54.32%
ValuesDaily Returns

Diversification Opportunities for Sothebys and BJs Wholesale

Sothebys diversification synergy

Very weak 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.
See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.


 
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