Correlation Analysis Between Best Buy and eBay

This module allows you to analyze existing cross correlation between Best Buy Co and eBay. You can compare the effects of market volatilities on Best Buy and eBay 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 eBay. See also your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and eBay.
Horizon     30 Days    Login   to change
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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 ongoing stock price disturbance, may contribute to short term losses for the investors.
eBay  
00

Risk-Adjusted Performance

Over the last 30 days eBay has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, eBay is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.

Best Buy and eBay Volatility Contrast

 Predicted Return Density 
      Returns 

Best Buy Co Inc  vs.  eBay Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy Co is expected to generate 1.66 times more return on investment than eBay. However, Best Buy is 1.66 times more volatile than eBay. It trades about 0.01 of its potential returns per unit of risk. eBay is currently generating about 0.0 per unit of risk. If you would invest  6,865  in Best Buy Co on August 17, 2019 and sell it today you would lose (12.00)  from holding Best Buy Co or give up 0.17% of portfolio value over 30 days.

Pair Corralation between Best Buy and eBay

0.87
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Best Buy and eBay

Best Buy Co Inc diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and eBay Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on eBay 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 eBay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of eBay has no effect on the direction of Best Buy i.e. Best Buy and eBay go up and down completely randomly.
See also your portfolio center. Please also try ETF Directory module to find actively-traded exchange traded funds (etf) from around the world.


 
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