Correlation Between AKA Brands and BARNETT INC

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

Diversification Opportunities for AKA Brands and BARNETT INC

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between AKA Brands and BARNETT INC

If you would invest  60.00  in BARNETT INC on April 5, 2022 and sell it today you would earn a total of  0.00  from holding BARNETT INC or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy5.0%
ValuesDaily Returns

AKA Brands Holding  vs.  BARNETT INC

 Performance (%) 
      Timeline 
AKA Brands Holding 
AKA Brands Performance
0 of 100
Over the last 90 days AKA Brands Holding has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's forward-looking signals remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Structure and Payout Changes

Last Split Factor
1:1
Last Split Date
2010-03-30

AKA Brands Price Channel

BARNETT INC 
BARNETT Performance
0 of 100
Over the last 90 days BARNETT INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, BARNETT INC is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

AKA Brands and BARNETT INC Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with AKA Brands and BARNETT INC

The main advantage of trading using opposite AKA Brands and BARNETT INC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AKA Brands position performs unexpectedly, BARNETT INC 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 BARNETT INC will offset losses from the drop in BARNETT INC's long position.
The idea behind AKA Brands Holding and BARNETT INC 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.

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