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Correlation Between Rite Aid and Vipshop Holdings

Analyzing existing cross correlation between Rite Aid Corporation and Vipshop Holdings Limited. You can compare the effects of market volatilities on Rite Aid and Vipshop Holdings 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 Rite Aid with a short position of Vipshop Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rite Aid and Vipshop Holdings.

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Diversification Opportunities for Rite Aid and Vipshop Holdings

Rite Aid Corp. diversification synergy
0.18
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Average diversification

The 3 months correlation between Rite Aid and Vipshop is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Rite Aid Corp. and Vipshop Holdings Limited in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Vipshop Holdings and Rite Aid 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 Rite Aid Corporation are associated (or correlated) with Vipshop Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vipshop Holdings has no effect on the direction of Rite Aid i.e. Rite Aid and Vipshop Holdings go up and down completely randomly.

Pair Corralation between Rite Aid and Vipshop Holdings

Considering 30-days investment horizon, Rite Aid Corporation is expected to generate 1.82 times more return on investment than Vipshop Holdings. However, Rite Aid is 1.82 times more volatile than Vipshop Holdings Limited. It trades about 0.03 of its potential returns per unit of risk. Vipshop Holdings Limited is currently generating about 0.01 per unit of risk. If you would invest  1,599  in Rite Aid Corporation on February 28, 2020 and sell it today you would lose (92.00)  from holding Rite Aid Corporation or give up 5.75% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy98.46%
ValuesDaily Returns

Rite Aid Corp.  vs.  Vipshop Holdings Limited

 Performance (%) 
    
  Timeline 
Rite Aid 
22

Rite Aid Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Rite Aid Corporation are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Rite Aid exhibited solid returns over the last few months and may actually be approaching a breakup point.
Vipshop Holdings 
00

Vipshop Holdings Risk-Adjusted Performance

Over the last 30 days Vipshop Holdings Limited has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, Vipshop Holdings is not utilizing all of its potentials. The latest stock price agitation, may contribute to short term losses for the management.

Rite Aid and Vipshop Holdings Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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