Correlation Between LIFE STORAGE and Perficient

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

Diversification Opportunities for LIFE STORAGE and Perficient

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between LIFE STORAGE and Perficient

If you would invest (100.00)  in LIFE STORAGE INC on April 5, 2022 and sell it today you would earn a total of  100.00  from holding LIFE STORAGE INC or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

LIFE STORAGE INC  vs.  Perficient

 Performance (%) 
      Timeline 
LIFE STORAGE INC 
LIFE STORAGE Performance
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Over the last 90 days LIFE STORAGE INC has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, LIFE STORAGE is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.
Perficient 
Perficient Performance
0 of 100
Over the last 90 days Perficient has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of sluggish performance in the last few months, the Stock's technical and fundamental indicators remain comparatively stable which may send shares a bit higher in August 2022. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Perficient Price Channel

LIFE STORAGE and Perficient Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with LIFE STORAGE and Perficient

The main advantage of trading using opposite LIFE STORAGE and Perficient positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LIFE STORAGE position performs unexpectedly, Perficient 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 Perficient will offset losses from the drop in Perficient's long position.
The idea behind LIFE STORAGE INC and Perficient 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

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