Correlation Between 70082LAB3 and Big Lots
Specify exactly 2 symbols:
By analyzing existing cross correlation between US70082LAB36 and Big Lots, you can compare the effects of market volatilities on 70082LAB3 and Big Lots 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 70082LAB3 with a short position of Big Lots. Check out your portfolio center. Please also check ongoing floating volatility patterns of 70082LAB3 and Big Lots.
Diversification Opportunities for 70082LAB3 and Big Lots
Very good diversification
The 3 months correlation between 70082LAB3 and Big is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding US70082LAB36 and Big Lots in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Big Lots and 70082LAB3 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 US70082LAB36 are associated (or correlated) with Big Lots. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Big Lots has no effect on the direction of 70082LAB3 i.e., 70082LAB3 and Big Lots go up and down completely randomly.
Pair Corralation between 70082LAB3 and Big Lots
Assuming the 90 days trading horizon US70082LAB36 is expected to under-perform the Big Lots. In addition to that, 70082LAB3 is 1.32 times more volatile than Big Lots. It trades about -0.39 of its total potential returns per unit of risk. Big Lots is currently generating about -0.08 per unit of volatility. If you would invest 395.00 in Big Lots on February 3, 2024 and sell it today you would lose (36.00) from holding Big Lots or give up 9.11% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 43.48% |
Values | Daily Returns |
US70082LAB36 vs. Big Lots
Performance |
Timeline |
US70082LAB36 |
Big Lots |
70082LAB3 and Big Lots Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 70082LAB3 and Big Lots
The main advantage of trading using opposite 70082LAB3 and Big Lots positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 70082LAB3 position performs unexpectedly, Big Lots 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 Big Lots will offset losses from the drop in Big Lots' long position.70082LAB3 vs. AEP TEX INC | 70082LAB3 vs. US BANK NATIONAL | 70082LAB3 vs. Global Blue Group | 70082LAB3 vs. Dominion Energy |
Big Lots vs. PriceSmart | Big Lots vs. BBB Foods | Big Lots vs. Costco Wholesale Corp | Big Lots vs. J Long Group Limited |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Content Syndication Quickly integrate customizable finance content to your own investment portal |