Correlation Between Woolworths Group and BIOLIGHT LIFE

Analyzing existing cross correlation between Woolworths Group Ltd and BIOLIGHT LIFE SCI. You can compare the effects of market volatilities on Woolworths Group and BIOLIGHT LIFE 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 Woolworths Group with a short position of BIOLIGHT LIFE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Woolworths Group and BIOLIGHT LIFE.

Comparative Performance

Woolworths Group  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Woolworths Group Ltd are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, Woolworths Group showed solid returns over the last few months and may actually be approaching a breakup point.

Risk-Adjusted Performance

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

Woolworths Group and BIOLIGHT LIFE Volatility Contrast

 Predicted Return Density 

Woolworths Group Ltd  vs.  BIOLIGHT LIFE SCI

 Performance (%) 

Pair Volatility

If you would invest  3,854  in Woolworths Group Ltd on January 19, 2020 and sell it today you would earn a total of  493.00  from holding Woolworths Group Ltd or generate 12.79% return on investment over 30 days.

Pair Corralation between Woolworths Group and BIOLIGHT LIFE

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Woolworths Group and BIOLIGHT LIFE

Woolworths Group Ltd diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Woolworths Group Ltd and BIOLIGHT LIFE SCI in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BIOLIGHT LIFE SCI and Woolworths Group 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 Woolworths Group Ltd are associated (or correlated) with BIOLIGHT LIFE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIOLIGHT LIFE SCI has no effect on the direction of Woolworths Group i.e. Woolworths Group and BIOLIGHT LIFE go up and down completely randomly.
Check out your portfolio center. Please also try Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.