Correlation Between Academy Sports and ACORN INTERNATIONAL

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

Diversification Opportunities for Academy Sports and ACORN INTERNATIONAL

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Academy Sports and ACORN INTERNATIONAL

If you would invest  3,344  in Academy Sports And on April 1, 2022 and sell it today you would earn a total of  284.00  from holding Academy Sports And or generate 8.49% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Academy Sports And  vs.  ACORN INTERNATIONAL INC

 Performance (%) 
      Timeline 
Academy Sports And 
Academy Performance
0 of 100
Over the last 90 days Academy Sports And has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent basic indicators, Academy Sports is not utilizing all of its potentials. The newest stock price mess, may contribute to short-term losses for the institutional investors.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0083
Payout Ratio
0.0202
Forward Annual Dividend Rate
0.3
Dividend Date
2022-07-14
Ex Dividend Date
2022-06-15

Academy Price Channel

ACORN INTERNATIONAL INC 
ACORN Performance
0 of 100
Over the last 90 days ACORN INTERNATIONAL INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, ACORN INTERNATIONAL is not utilizing all of its potentials. The recent stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Academy Sports and ACORN INTERNATIONAL Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Academy Sports and ACORN INTERNATIONAL

The main advantage of trading using opposite Academy Sports and ACORN INTERNATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Academy Sports position performs unexpectedly, ACORN INTERNATIONAL 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 ACORN INTERNATIONAL will offset losses from the drop in ACORN INTERNATIONAL's long position.
The idea behind Academy Sports And and ACORN INTERNATIONAL 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

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