Correlation Analysis Between Sprint and Best Buy |
This module allows you to analyze existing cross correlation between Sprint Corporation and Best Buy Co. You can compare the effects of market volatilities on Sprint and Best Buy 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 Sprint with a short position of Best Buy. See also your portfolio center. Please also check ongoing floating volatility patterns of Sprint and Best Buy.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
Sprint Corp. vs. Best Buy Co Inc
Pair Volatility
Taking into account the 30 trading days horizon, Sprint Corporation is expected to under-perform the Best Buy. In addition to that, Sprint is 1.85 times more volatile than Best Buy Co. It trades about -0.17 of its total potential returns per unit of risk. Best Buy Co is currently generating about -0.17 per unit of volatility. If you would invest 7,438 in Best Buy Co on April 25, 2018 and sell it today you would lose (590.00) from holding Best Buy Co or give up 7.93% of portfolio value over 30 days.
Pair Corralation between Sprint and Best Buy
-0.18
| Time Period | 1 Month [change] |
| Direction | Negative |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Good diversification
Overlapping area represents the amount of risk that can be diversified away by holding Sprint Corp. and Best Buy Co Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy Co and Sprint 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 Sprint Corporation are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy Co has no effect on the direction of Sprint i.e. Sprint and Best Buy go up and down completely randomly.
Comparative Volatility
| Sprint |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Sprint Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.
Sprint Corporation
Pair trading matchups for Sprint
| Best Buy Co |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Best Buy Co has generated negative risk-adjusted returns adding no value to investors with long positions.
Best Buy Co
Pair trading matchups for Best Buy
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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.