Correlation Between SUPERVALU INC and Barnes Noble
Can any of the company-specific risk be diversified away by investing in both SUPERVALU INC and Barnes Noble 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 SUPERVALU INC and Barnes Noble into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SUPERVALU INC and Barnes Noble, you can compare the effects of market volatilities on SUPERVALU INC and Barnes Noble 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 SUPERVALU INC with a short position of Barnes Noble. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUPERVALU INC and Barnes Noble.
Diversification Opportunities for SUPERVALU INC and Barnes Noble
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SUPERVALU and Barnes is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SUPERVALU INC and Barnes Noble in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barnes Noble and SUPERVALU INC 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 SUPERVALU INC are associated (or correlated) with Barnes Noble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barnes Noble has no effect on the direction of SUPERVALU INC i.e., SUPERVALU INC and Barnes Noble go up and down completely randomly.
Pair Corralation between SUPERVALU INC and Barnes Noble
If you would invest (100.00) in Barnes Noble on January 18, 2024 and sell it today you would earn a total of 100.00 from holding Barnes Noble or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
SUPERVALU INC vs. Barnes Noble
Performance |
Timeline |
SUPERVALU INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Barnes Noble |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SUPERVALU INC and Barnes Noble Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SUPERVALU INC and Barnes Noble
The main advantage of trading using opposite SUPERVALU INC and Barnes Noble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUPERVALU INC position performs unexpectedly, Barnes Noble 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 Barnes Noble will offset losses from the drop in Barnes Noble's long position.SUPERVALU INC vs. Duckhorn Portfolio | SUPERVALU INC vs. Summit Materials | SUPERVALU INC vs. US GoldMining Common | SUPERVALU INC vs. Barrick Gold Corp |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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