Correlation Analysis Between Best Buy and Sprint

This module allows you to analyze existing cross correlation between Best Buy Co and Sprint Corporation. You can compare the effects of market volatilities on Best Buy and Sprint 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 Sprint. See also your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and Sprint.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Best Buy Co Inc  vs.  Sprint Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy is expected to generate 3.78 times less return on investment than Sprint. But when comparing it to its historical volatility, Best Buy Co is 2.0 times less risky than Sprint. It trades about 0.12 of its potential returns per unit of risk. Sprint Corporation is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  546.00  in Sprint Corporation on July 20, 2018 and sell it today you would earn a total of  67.00  from holding Sprint Corporation or generate 12.27% return on investment over 30 days.

Pair Corralation between Best Buy and Sprint

0.72
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Best Buy Co  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
Sprint  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1206.49

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