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Correlation Between Best Buy and CSS Industries

Analyzing existing cross correlation between Best Buy Co and CSS Industries. You can compare the effects of market volatilities on Best Buy and CSS Industries 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 CSS Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and CSS Industries.

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Diversification Opportunities for Best Buy and CSS Industries

Best Buy Co Inc diversification synergy
-0.58
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<div class='circular--portrait-small' style='background:#2A0CD0;color: white;font-size:1.1em;padding-top: 12px;;'>CSS</div>

Excellent diversification

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

Pair Corralation between Best Buy and CSS Industries

Considering 30-days investment horizon, Best Buy Co is expected to under-perform the CSS Industries. But the stock apears to be less risky and, when comparing its historical volatility, Best Buy Co is 2.92 times less risky than CSS Industries. The stock trades about -0.08 of its potential returns per unit of risk. The CSS Industries is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  429.00  in CSS Industries on March 10, 2020 and sell it today you would earn a total of  511.00  from holding CSS Industries or generate 119.11% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy78.46%
ValuesDaily Returns

Best Buy Co Inc  vs.  CSS Industries Inc

 Performance (%) 
    
  Timeline 
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.
CSS Industries 
1010

CSS Industries Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CSS Industries are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively conflicting forward-looking signals, CSS Industries reported solid returns over the last few months and may actually be approaching a breakup point.

Best Buy and CSS Industries Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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