Correlation Between Lazard Global and Home Depot

By analyzing existing cross correlation between Lazard Global Listed and Home Depot, you can compare the effects of market volatilities on Lazard Global and Home Depot 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 Lazard Global with a short position of Home Depot. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lazard Global and Home Depot.

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Can any of the company-specific risk be diversified away by investing in both Lazard Global and Home Depot 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 Lazard Global and Home Depot into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for Lazard Global and Home Depot

0.0
  Correlation Coefficient
Lazard Global Listed
Home Depot

Pay attention - limited upside

The 3 months correlation between Lazard and Home Depot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lazard Global Listed Infrastru and Home Depot Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Home Depot and Lazard Global 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 Lazard Global Listed are associated (or correlated) with Home Depot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Home Depot has no effect on the direction of Lazard Global i.e. Lazard Global and Home Depot go up and down completely randomly.

Pair Corralation between Lazard Global and Home Depot

If you would invest  20,717  in Home Depot on June 13, 2020 and sell it today you would earn a total of  4,294  from holding Home Depot or generate 20.73% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Lazard Global Listed Infrastru  vs.  Home Depot Inc

 Performance (%) 
      Timeline 
Lazard Global Listed 
00

Risk-Adjusted Fund Performance

Over the last 30 days Lazard Global Listed has generated negative risk-adjusted returns adding no value to fund investors. Despite somewhat strong basic indicators, Lazard Global is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Home Depot 
1111

Home Depot Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In spite of rather abnormal fundamental drivers, Home Depot exhibited solid returns over the last few months and may actually be approaching a breakup point.

Lazard Global and Home Depot Volatility Contrast

Check out your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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