CBIZ Correlations

CBZ Stock

USD 28.04 2.43 7.98%

The current 90-days correlation between CBIZ Inc and Unifirst is 0.08 (i.e., Significant diversification). The correlation of CBIZ is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

CBIZ Correlation With Market

Very good diversification

The correlation between CBIZ Inc and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CBIZ Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with CBIZ Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in CBIZ Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with CBIZ Stock

0.79	TRU	TransUnion Earnings Call This Week	Pair Corr
0.86	IVVD	Invivyd	Pair Corr

Moving against CBIZ Stock

0.71	FINN	First National	Pair Corr
0.66	CTBB	Qwest Corp NT	Pair Corr
0.65	KB	KB Financial Group	Pair Corr
0.63	SKM	SK Telecom	Pair Corr
0.61	CTDD	Qwest Corp 6	Pair Corr
0.6	MG	Mistras Group	Pair Corr
0.47	BVI	Bureau Veritas SA	Pair Corr
0.36	THO	Thor Industries Downward Rally	Pair Corr
0.34	ENS	Enersys	Pair Corr
0.31	NFG	National Fuel Gas	Pair Corr
0.47	TFLM	TFLM	Pair Corr
0.44	RCKY	Rocky Brands	Pair Corr
0.42	RILYL	B Riley Financial	Pair Corr
0.38	BNKHF	BOC Hong Kong	Pair Corr
0.35	OBYCF	Obayashi	Pair Corr
0.33	APETF	Alpha Esports Tech	Pair Corr

Related Correlations Analysis

	UNF	TNET	ABM	HURN	TEX	TIC	SXI	AZZ	AIR	KAI
UNF		0.06	0.52	-0.04	0.92	0.53	0.26	0.9	0.84	0.9	UNF
TNET	0.06		0.14	0.86	0.12	0.62	-0.27	-0.02	0.01	0.15	TNET
ABM	0.52	0.14		0.03	0.62	0.29	0.59	0.68	0.66	0.74	ABM
HURN	-0.04	0.86	0.03		0.06	0.6	-0.43	-0.18	-0.19	0.01	HURN
TEX	0.92	0.12	0.62	0.06		0.59	0.31	0.92	0.87	0.94	TEX
TIC	0.53	0.62	0.29	0.6	0.59		0.16	0.43	0.4	0.52	TIC
SXI	0.26	-0.27	0.59	-0.43	0.31	0.16		0.48	0.58	0.43	SXI
AZZ	0.9	-0.02	0.68	-0.18	0.92	0.43	0.48		0.97	0.96	AZZ
AIR	0.84	0.01	0.66	-0.19	0.87	0.4	0.58	0.97		0.92	AIR
KAI	0.9	0.15	0.74	0.01	0.94	0.52	0.43	0.96	0.92		KAI
	UNF	TNET	ABM	HURN	TEX	TIC	SXI	AZZ	AIR	KAI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

AIR	+ 0.97	AZZ
KAI	+ 0.96	AZZ
KAI	+ 0.94	TEX
TEX	+ 0.92	UNF
AZZ	+ 0.92	TEX
KAI	+ 0.92	AIR

High negative correlations

SXI	- 0.43	HURN
SXI	- 0.27	TNET
AIR	- 0.19	HURN
AZZ	- 0.18	HURN
HURN	- 0.04	UNF
AZZ	- 0.02	TNET

Risk-Adjusted Indicators

There is a big difference between CBIZ Stock performing well and CBIZ Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze CBIZ's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
UNF	1.75	0.67	0.44	1.24	0.79	(2.13)	2.91	(2.23)	19.40
TNET	2.10	(0.55)	0.00	(0.30)	0.00	0.00	3.69	(5.47)	17.33
ABM	1.44	0.03	0.00	0.11	2.94	(1.24)	2.57	(3.05)	15.37
HURN	1.61	(0.44)	0.00	(0.65)	0.00	0.00	2.39	(4.33)	15.88
TEX	2.23	0.46	0.22	0.34	1.94	(2.58)	6.44	(3.78)	11.74
TIC	2.40	(0.15)	(0.02)	0.00	2.71	(2.84)	6.11	(4.93)	16.41
SXI	1.75	0.04	0.04	0.09	1.97	(1.78)	3.49	(2.82)	12.69
AZZ	1.23	0.42	0.38	0.50	0.68	(1.58)	3.25	(1.57)	8.55
AIR	1.66	0.38	0.26	0.31	1.33	(2.06)	4.20	(2.05)	7.12
KAI	1.55	0.23	0.17	0.22	1.27	(1.82)	3.89	(2.77)	10.20

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