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Correlation Between Best Buy and Build A

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

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Diversification Opportunities for Best Buy and Build A

Best Buy Co Inc diversification synergy
0.58
<div class='circular--portrait-small' style='background:#754DEB;color: white;font-size:1.1em;padding-top: 12px;;'>BES</div>
<div class='circular--portrait-small' style='background:#CD0D74;color: white;font-size:1.1em;padding-top: 12px;;'>BBW</div>

Very weak diversification

The 3 months correlation between Best and Build is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and Build A Bear Workshop Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Build A Bear and Best Buy 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 Best Buy Co are associated (or correlated) with Build A. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Build A Bear has no effect on the direction of Best Buy i.e. Best Buy and Build A go up and down completely randomly.

Pair Corralation between Best Buy and Build A

Considering 30-days investment horizon, Best Buy is expected to generate 2.31 times less return on investment than Build A. But when comparing it to its historical volatility, Best Buy Co is 2.96 times less risky than Build A. It trades about 0.21 of its potential returns per unit of risk. Build A Bear Workshop is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  292.00  in Build A Bear Workshop on January 22, 2020 and sell it today you would earn a total of  150.00  from holding Build A Bear Workshop or generate 51.37% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy98.39%
ValuesDaily Returns

Best Buy Co Inc  vs.  Build A Bear Workshop Inc

 Performance (%) 
    
  Timeline 
Best Buy 
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. Inspite fairly abnormal basic indicators, Best Buy showed solid returns over the last few months and may actually be approaching a breakup point.
Build A Bear 
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Build A Bear Workshop are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak primary indicators, Build A showed solid returns over the last few months and may actually be approaching a breakup point.

Best Buy and Build A Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.