Correlation Between Bob Evans and Visa
Can any of the company-specific risk be diversified away by investing in both Bob Evans and Visa 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 Bob Evans and Visa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bob Evans Farms and Visa Class A, you can compare the effects of market volatilities on Bob Evans and Visa 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 Bob Evans with a short position of Visa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bob Evans and Visa.
Diversification Opportunities for Bob Evans and Visa
Pay attention - limited upside
The 3 months correlation between Bob and Visa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bob Evans Farms and Visa Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Visa Class A and Bob Evans 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 Bob Evans Farms are associated (or correlated) with Visa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Visa Class A has no effect on the direction of Bob Evans i.e., Bob Evans and Visa go up and down completely randomly.
Pair Corralation between Bob Evans and Visa
If you would invest (100.00) in Bob Evans Farms on January 24, 2024 and sell it today you would earn a total of 100.00 from holding Bob Evans Farms 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 |
Bob Evans Farms vs. Visa Class A
Performance |
| Timeline |
| Bob Evans Farms |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Visa Class A |
Bob Evans and Visa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bob Evans and Visa
The main advantage of trading using opposite Bob Evans and Visa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bob Evans position performs unexpectedly, Visa 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 Visa will offset losses from the drop in Visa's long position.| Bob Evans vs. Acco Brands | Bob Evans vs. Braskem SA Class | Bob Evans vs. HNI Corp | Bob Evans vs. Yips Chemical Holdings |
| Visa vs. American Express | Visa vs. Capital One Financial | Visa vs. Upstart HoldingsInc | Visa vs. Ally Financial |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |