Correlation Between VICTORY SUPERMARKE and NICE

By analyzing existing cross correlation between VICTORY SUPERMARKE and NICE LTD you can compare the effects of market volatilities on VICTORY SUPERMARKE and NICE 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 VICTORY SUPERMARKE with a short position of NICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of VICTORY SUPERMARKE and NICE.

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Can any of the company-specific risk be diversified away by investing in both VICTORY SUPERMARKE and NICE at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing VICTORY SUPERMARKE and NICE into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for VICTORY SUPERMARKE and NICE

0.48
Correlation
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Very weak diversification

The 3 months correlation between VICTORY and NICE is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding VICTORY SUPERMARKE and NICE LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NICE LTD and VICTORY SUPERMARKE 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 VICTORY SUPERMARKE are associated (or correlated) with NICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NICE LTD has no effect on the direction of VICTORY SUPERMARKE i.e. VICTORY SUPERMARKE and NICE go up and down completely randomly.

Pair Corralation between VICTORY SUPERMARKE and NICE

If you would invest  5,740,000  in NICE LTD on April 28, 2020 and sell it today you would earn a total of  731,000  from holding NICE LTD or generate 12.74% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy2.94%
ValuesDaily Returns

VICTORY SUPERMARKE  vs.  NICE LTD

 Performance (%) 
      Timeline 
VICTORY SUPERMARKE 
00

VICTORY SUPERMARKE Risk-Adjusted Performance

Over the last 30 days VICTORY SUPERMARKE has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, VICTORY SUPERMARKE is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
NICE LTD 
66

NICE Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in NICE LTD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, NICE sustained solid returns over the last few months and may actually be approaching a breakup point.

VICTORY SUPERMARKE and NICE Volatility Contrast

 Predicted Return Density 
      Returns 

NICE LTD

Pair trading matchups for NICE

Check out your portfolio center. Please also try Chance of Distress module to get analysis of equity chance of financial distress in the next 2 years.


 
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