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Correlation Between Build A and Best Buy

Analyzing existing cross correlation between Build A Bear Workshop and Best Buy Co. You can compare the effects of market volatilities on Build A and Best Buy 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 Build A with a short position of Best Buy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Build A and Best Buy.

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Diversification Opportunities for Build A and Best Buy

Build A Bear Workshop Inc diversification synergy
0.9
<div class='circular--portrait-small' style='background:#CD0D74;color: white;font-size:1.1em;padding-top: 12px;;'>BBW</div>
<div class='circular--portrait-small' style='background:#754DEB;color: white;font-size:1.1em;padding-top: 12px;;'>BES</div>

Almost no diversification

The 3 months correlation between Build and Best Buy is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Build A Bear Workshop Inc and Best Buy Co Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy and Build A 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 Build A Bear Workshop are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy has no effect on the direction of Build A i.e. Build A and Best Buy go up and down completely randomly.

Pair Corralation between Build A and Best Buy

Considering 30-days investment horizon, Build A Bear Workshop is expected to under-perform the Best Buy. In addition to that, Build A is 1.63 times more volatile than Best Buy Co. It trades about -0.1 of its total potential returns per unit of risk. Best Buy Co is currently generating about -0.08 per unit of volatility. If you would invest  9,126  in Best Buy Co on March 11, 2020 and sell it today you would lose (2,527)  from holding Best Buy Co or give up 27.69% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy98.44%
ValuesDaily Returns

Build A Bear Workshop Inc  vs.  Best Buy Co Inc

 Performance (%) 
    
  Timeline 
Build A Bear 
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Build A Risk-Adjusted Performance

Over the last 30 days Build A Bear Workshop has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite weak performance in the last few months, the Stock's primary indicators remain fairly stable which may send shares a bit higher in May 2020. The continuing fuss may also be a sign of long-term up-swing for the venture directors.
Best Buy 
00

Best Buy Risk-Adjusted Performance

Over the last 30 days Best Buy Co has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite weak performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in May 2020. The current disturbance may also be a sign of long term up-swing for the company investors.

Build A and Best Buy Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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