| CM2 Stock | | | EUR 91.44 0.10 0.11% |
The current 90-days correlation between CAL MAINE FOODS and Apple Inc is 0.24 (i.e., Modest diversification). The correlation of CAL MAINE 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.
CAL MAINE Correlation With Market
Weak diversification
The correlation between CAL MAINE FOODS and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CAL MAINE FOODS and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to CAL MAINE could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CAL MAINE when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back CAL MAINE - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling CAL MAINE FOODS to buy it.
Moving together with CAL Stock
Moving against CAL Stock
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between CAL Stock performing well and CAL MAINE 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 CAL MAINE'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.
Be your own money manager
Our tools can tell you how much better you can do entering a position in CAL MAINE without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.
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