Correlation Between Apex Global and Designer Brands
Can any of the company-specific risk be diversified away by investing in both Apex Global and Designer Brands at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Apex Global and Designer Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apex Global Brands and Designer Brands, you can compare the effects of market volatilities on Apex Global and Designer Brands 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 Apex Global with a short position of Designer Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apex Global and Designer Brands.
Diversification Opportunities for Apex Global and Designer Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apex and Designer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apex Global Brands and Designer Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Designer Brands and Apex Global 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 Apex Global Brands are associated (or correlated) with Designer Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Designer Brands has no effect on the direction of Apex Global i.e., Apex Global and Designer Brands go up and down completely randomly.
Pair Corralation between Apex Global and Designer Brands
If you would invest (100.00) in Apex Global Brands on December 29, 2023 and sell it today you would earn a total of 100.00 from holding Apex Global Brands or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Apex Global Brands vs. Designer Brands
Performance |
Timeline |
Apex Global Brands |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Designer Brands |
Apex Global and Designer Brands Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Apex Global and Designer Brands
The main advantage of trading using opposite Apex Global and Designer Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apex Global position performs unexpectedly, Designer Brands can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Designer Brands will offset losses from the drop in Designer Brands' long position.Apex Global vs. Fortress Transp Infra | Apex Global vs. Uber Technologies | Apex Global vs. FARO Technologies | Apex Global vs. Mitsubishi UFJ Lease |
Designer Brands vs. Macys Inc | Designer Brands vs. Wayfair | Designer Brands vs. 1StdibsCom | Designer Brands vs. AutoNation |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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