Correlation Between Qurate Retail and Under Armour

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Can any of the company-specific risk be diversified away by investing in both Qurate Retail and Under Armour 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 Qurate Retail and Under Armour into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Qurate Retail Group and Under Armour C, you can compare the effects of market volatilities on Qurate Retail and Under Armour 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 Qurate Retail with a short position of Under Armour. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qurate Retail and Under Armour.

Diversification Opportunities for Qurate Retail and Under Armour

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Qurate and Under is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Qurate Retail Group and Under Armour C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Under Armour C and Qurate Retail 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 Qurate Retail Group are associated (or correlated) with Under Armour. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Under Armour C has no effect on the direction of Qurate Retail i.e., Qurate Retail and Under Armour go up and down completely randomly.

Pair Corralation between Qurate Retail and Under Armour

If you would invest (100.00) in Qurate Retail Group on December 30, 2023 and sell it today you would earn a total of  100.00  from holding Qurate Retail Group or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Qurate Retail Group  vs.  Under Armour C

 Performance 
       Timeline  
Qurate Retail Group 

Risk-Adjusted Performance

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Over the last 90 days Qurate Retail Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong fundamental indicators, Qurate Retail is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.
Under Armour C 

Risk-Adjusted Performance

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Low
 
High
Very Weak
Over the last 90 days Under Armour C has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unsteady performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in April 2024. The current disturbance may also be a sign of long term up-swing for the company investors.

Qurate Retail and Under Armour Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Qurate Retail and Under Armour

The main advantage of trading using opposite Qurate Retail and Under Armour positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qurate Retail position performs unexpectedly, Under Armour 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 Under Armour will offset losses from the drop in Under Armour's long position.
The idea behind Qurate Retail Group and Under Armour C pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.

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