Cumulus Media Correlations

CMLS Stock

USD 0.74 0.01 1.37%

The current 90-days correlation between Cumulus Media Class and Salem Media Group is 0.33 (i.e., Weak diversification). The correlation of Cumulus Media 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.

Cumulus Media Correlation With Market

Significant diversification

The correlation between Cumulus Media Class and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cumulus Media Class and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cumulus Media Class. 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 economic analysis.

Moving together with Cumulus Stock

0.7	DLPN	Dolphin Entertainment	Pair Corr
0.65	ADD	Color Star Technology Downward Rally	Pair Corr
0.71	HAO	Haoxi Health Technology	Pair Corr
0.83	IPG	Interpublic Group	Pair Corr
0.7	LVO	LiveOne	Pair Corr
0.85	MMV	MultiMetaVerse Holdings	Pair Corr

Moving against Cumulus Stock

0.93	EVC	Entravision Communications	Pair Corr
0.9	FOXA	Fox Corp Class	Pair Corr
0.89	FOX	Fox Corp Class	Pair Corr
0.85	DIS	Walt Disney Aggressive Push	Pair Corr
0.83	CNK	Cinemark Holdings	Pair Corr
0.81	SE	Sea	Pair Corr
0.73	EDR	Endeavor Group Holdings	Pair Corr
0.65	BOC	Boston Omaha Corp	Pair Corr
0.62	ANGHW	Anghami Warrants	Pair Corr
0.42	CURIW	CuriosityStream	Pair Corr
0.42	TV	Grupo Televisa SAB	Pair Corr
0.41	WLYB	John Wiley Sons	Pair Corr
0.39	CHR	Cheer Holding	Pair Corr
0.31	VSME	VS Media Holdings	Pair Corr
0.96	MCS	Marcus	Pair Corr
0.95	LLYVA	Liberty Media	Pair Corr
0.94	LYV	Live Nation Entertainment	Pair Corr
0.94	LLYVK	Liberty Media	Pair Corr
0.87	WMG	Warner Music Group	Pair Corr
0.85	GAIA	Gaia Inc	Pair Corr
0.84	IHRT	iHeartMedia Class	Pair Corr
0.83	WPP	WPP PLC ADR	Pair Corr

Related Correlations Analysis

	SSP	GTN	AUDA	LPTV	PBSFY	RGLXY	IHRTB	ITVPY	ITVPF	SALM
SSP		0.78	0.0	-0.24	0.46	-0.42	0.77	0.03	0.2	-0.36	SSP
GTN	0.78		0.0	-0.13	0.5	-0.2	0.66	0.34	0.26	-0.36	GTN
AUDA	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	AUDA
LPTV	-0.24	-0.13	0.0		0.5	0.77	-0.56	0.69	-0.26	0.69	LPTV
PBSFY	0.46	0.5	0.0	0.5		0.3	0.22	0.65	0.33	0.25	PBSFY
RGLXY	-0.42	-0.2	0.0	0.77	0.3		-0.69	0.71	-0.01	0.51	RGLXY
IHRTB	0.77	0.66	0.0	-0.56	0.22	-0.69		-0.27	0.36	-0.6	IHRTB
ITVPY	0.03	0.34	0.0	0.69	0.65	0.71	-0.27		0.18	0.39	ITVPY
ITVPF	0.2	0.26	0.0	-0.26	0.33	-0.01	0.36	0.18		-0.31	ITVPF
SALM	-0.36	-0.36	0.0	0.69	0.25	0.51	-0.6	0.39	-0.31		SALM
	SSP	GTN	AUDA	LPTV	PBSFY	RGLXY	IHRTB	ITVPY	ITVPF	SALM

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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

GTN	+ 0.78	SSP
IHRTB	+ 0.77	SSP
RGLXY	+ 0.77	LPTV
ITVPY	+ 0.71	RGLXY
ITVPY	+ 0.69	LPTV
SALM	+ 0.69	LPTV

High negative correlations

IHRTB	- 0.69	RGLXY
SALM	- 0.6	IHRTB
IHRTB	- 0.56	LPTV
RGLXY	- 0.42	SSP
SALM	- 0.36	GTN
SALM	- 0.36	SSP

Risk-Adjusted Indicators

There is a big difference between Cumulus Stock performing well and Cumulus Media 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 Cumulus Media'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	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SSP	4.83	(0.16)	0.03	7.64	(5.09)	10.66	(7.24)	59.20
GTN	2.63	(0.20)	(0.05)	0.00	0.00	5.37	(4.44)	36.50
AUDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LPTV	9.23	(0.97)	1.45	0.00	0.00	16.67	(25.00)	93.46
PBSFY	1.34	(0.40)	(90.87)	0.00	0.00	2.48	(4.67)	19.07
RGLXY	0.61	(0.25)	(7.65)	0.00	0.00	0.00	(2.86)	13.63
IHRTB	1.50	0.53	(0.44)	0.00	0.00	0.00	0.00	70.00
ITVPY	1.26	(0.31)	0.76	0.00	0.00	1.65	(2.52)	16.55
ITVPF	0.35	0.00	0.07	0.00	0.00	1.85	0.00	14.09
SALM	1.95	(0.07)	0.23	0.00	0.00	4.26	(5.05)	12.48

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