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.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Best Buy  
00

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 fairly strong basic indicators, Best Buy is not utilizing all of its potentials. The prevailing stock price disturbance, may contribute to short term losses for the investors.
Sprint  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, Sprint reported solid returns over the last few months and may actually be approaching a breakup point.

Best Buy and Sprint Volatility Contrast

 Predicted Return Density 
      Returns 

Best Buy Co Inc  vs.  Sprint Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy Co is expected to under-perform the Sprint. But the stock apears to be less risky and, when comparing its historical volatility, Best Buy Co is 2.65 times less risky than Sprint. The stock trades about 0.0 of its potential returns per unit of risk. The Sprint Corporation is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  625.00  in Sprint Corporation on April 21, 2019 and sell it today you would earn a total of  93.00  from holding Sprint Corporation or generate 14.88% return on investment over 30 days.

Pair Corralation between Best Buy and Sprint

-0.64
Time Period2 Months [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Best Buy and Sprint

Best Buy Co Inc diversification synergy

Excellent 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.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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