GameStop Corp Correlations

Stocks . USA . 
Stock . GameStop Corp
GME Stock  USD 27.82  0.63  2.21%   
The current 90-days correlation between GameStop Corp and RH is 0.03 (i.e., Significant diversification). The correlation of GameStop Corp 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.

GameStop Corp Correlation With Market

Modest diversification

The correlation between GameStop Corp and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GameStop Corp and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in GameStop Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.
For information on how to trade GameStop Stock refer to our How to Trade GameStop Stock guide.

Moving together with GameStop Stock

  0.61LB LandBridge CompanyPairCorr
  0.72VSCO Victorias SecretPairCorr
  0.64WINA WinmarkPairCorr
  0.72WRBY Warby ParkerPairCorr
  0.74ABG Asbury AutomotivePairCorr
  0.69BKE Buckle IncPairCorr

Moving against GameStop Stock

  0.65DIBS 1StdibsComPairCorr
  0.61YJ Yunji IncPairCorr
  0.58W WayfairPairCorr
  0.38EDUC Educational DevelopmentPairCorr
  0.7ASO Academy Sports Outdoors Earnings Call This WeekPairCorr
  0.62AEO American Eagle OutfittersPairCorr
  0.5DIT AMCON Distributing Downward RallyPairCorr
  0.48AKA AKA Brands HoldingPairCorr
  0.46FNKO Funko IncPairCorr
  0.46DBI Designer BrandsPairCorr
  0.41BGI Birks GroupPairCorr
  0.4BBY Best BuyPairCorr
  0.38FIVE Five Below Earnings Call This WeekPairCorr
  0.38DKS Dicks Sporting GoodsPairCorr

Related Correlations Analysis

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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   
WOOF
+ 0.8
RH
WSM
+ 0.54
RH
WSM
+ 0.48
WOOF
WSM
+ 0.41
BBY
WOOF
+ 0.4
BBY
AZO
+ 0.39
DKS
  
High negative correlations   
WOOF
- 0.55
DKS
DKS
- 0.47
RH
WOOF
- 0.35
AZO
AZO
- 0.27
RH
WSM
- 0.25
AZO
ULTA
- 0.19
AZO

Risk-Adjusted Indicators

There is a big difference between GameStop Stock performing well and GameStop Corp 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 GameStop Corp'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.

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