Correlation Between BJs Wholesale and WESTFIELD RETAIL
Can any of the company-specific risk be diversified away by investing in both BJs Wholesale and WESTFIELD RETAIL 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 BJs Wholesale and WESTFIELD RETAIL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BJs Wholesale Club and WESTFIELD RETAIL TR, you can compare the effects of market volatilities on BJs Wholesale and WESTFIELD RETAIL 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 BJs Wholesale with a short position of WESTFIELD RETAIL. Check out your portfolio center. Please also check ongoing floating volatility patterns of BJs Wholesale and WESTFIELD RETAIL.
Diversification Opportunities for BJs Wholesale and WESTFIELD RETAIL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BJs and WESTFIELD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BJs Wholesale Club and WESTFIELD RETAIL TR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WESTFIELD RETAIL and BJs Wholesale 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 BJs Wholesale Club are associated (or correlated) with WESTFIELD RETAIL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WESTFIELD RETAIL has no effect on the direction of BJs Wholesale i.e., BJs Wholesale and WESTFIELD RETAIL go up and down completely randomly.
Pair Corralation between BJs Wholesale and WESTFIELD RETAIL
If you would invest 6,150 in BJs Wholesale Club on February 3, 2024 and sell it today you would earn a total of 850.00 from holding BJs Wholesale Club or generate 13.82% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
BJs Wholesale Club vs. WESTFIELD RETAIL TR
Performance |
Timeline |
BJs Wholesale Club |
WESTFIELD RETAIL |
BJs Wholesale and WESTFIELD RETAIL Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BJs Wholesale and WESTFIELD RETAIL
The main advantage of trading using opposite BJs Wholesale and WESTFIELD RETAIL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BJs Wholesale position performs unexpectedly, WESTFIELD RETAIL 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 WESTFIELD RETAIL will offset losses from the drop in WESTFIELD RETAIL's long position.BJs Wholesale vs. National Health Investors | BJs Wholesale vs. YOOMA WELLNESS INC | BJs Wholesale vs. BYD ELECTRONIC | BJs Wholesale vs. Sabra Health Care |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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