Carnival Correlations

CCL Stock

USD 30.92 0.38 1.24%

The current 90-days correlation between Carnival and eBay Inc is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Carnival moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Carnival moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Carnival Correlation With Market

Very weak diversification

The correlation between Carnival and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carnival and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Carnival Stock

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

For more information on how to buy Carnival Stock please use our How to buy in Carnival Stock guide.

Moving together with Carnival Stock

0.69	WH	Wyndham Hotels Resorts	Pair Corr
0.73	HGV	Hilton Grand Vacations	Pair Corr
0.81	BA	Boeing	Pair Corr

Moving against Carnival Stock

0.31	SHG	Shinhan Financial	Pair Corr
0.34	KO	Coca Cola	Pair Corr

Related Correlations Analysis

	EBAY	YUM	DHI	CPRT	LVS	LEN	CMG	FLUT	TCOM
EBAY		-0.36	0.39	0.7	-0.69	0.12	0.81	0.78	0.28	EBAY
YUM	-0.36		0.0	-0.48	0.49	-0.44	-0.13	-0.37	0.25	YUM
DHI	0.39	0.0		0.35	-0.4	0.13	0.56	0.54	0.12	DHI
CPRT	0.7	-0.48	0.35		-0.9	0.14	0.57	0.78	0.17	CPRT
LVS	-0.69	0.49	-0.4	-0.9		-0.07	-0.73	-0.82	0.02	LVS
LEN	0.12	-0.44	0.13	0.14	-0.07		-0.13	-0.02	-0.49	LEN
CMG	0.81	-0.13	0.56	0.57	-0.73	-0.13		0.78	0.13	CMG
FLUT	0.78	-0.37	0.54	0.78	-0.82	-0.02	0.78		0.24	FLUT
TCOM	0.28	0.25	0.12	0.17	0.02	-0.49	0.13	0.24		TCOM
	EBAY	YUM	DHI	CPRT	LVS	LEN	CMG	FLUT	TCOM

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

CMG	+ 0.81	EBAY
FLUT	+ 0.78	EBAY
FLUT	+ 0.78	CPRT
FLUT	+ 0.78	CMG
CPRT	+ 0.7	EBAY
CMG	+ 0.57	CPRT

High negative correlations

LVS	- 0.9	CPRT
FLUT	- 0.82	LVS
CMG	- 0.73	LVS
LVS	- 0.69	EBAY
TCOM	- 0.49	LEN
CPRT	- 0.48	YUM

Risk-Adjusted Indicators

There is a big difference between Carnival Stock performing well and Carnival 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 Carnival'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
EBAY	1.47	(0.10)	0.00	(0.03)	0.00	0.00	2.97	(3.25)	20.15
YUM	1.08	(0.03)	(0.06)	(0.02)	1.03	(1.48)	2.50	(1.79)	9.12
DHI	1.47	(0.29)	0.00	(0.14)	0.00	0.00	3.96	(3.56)	10.74
CPRT	0.93	(0.28)	0.00	(1.08)	0.00	0.00	1.59	(3.52)	6.88
LVS	1.64	0.29	0.12	0.62	1.92	(1.95)	3.39	(2.64)	14.76
LEN	1.51	(0.37)	0.00	(0.21)	0.00	0.00	2.62	(3.47)	11.40
CMG	1.67	(0.11)	0.00	(0.02)	0.00	0.00	3.76	(2.62)	21.88
FLUT	1.64	(0.30)	0.00	(0.12)	0.00	0.00	3.06	(3.69)	17.69
TCOM	1.04	(0.05)	0.00	(0.02)	0.00	0.00	2.19	(2.63)	8.40

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