KAR Auction Correlations

Stocks . USA . 
Stock . KAR Auction Services
KAR Stock  USD 20.20  0.26  1.30%   
The current 90-days correlation between KAR Auction Services and La Z Boy Incorporated is 0.47 (i.e., Very weak diversification). The correlation of KAR Auction 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.

KAR Auction Correlation With Market

Very weak diversification

The correlation between KAR Auction Services and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding KAR Auction Services and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in KAR Auction Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with KAR Stock

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  0.63UNF UnifirstPairCorr
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  0.86PYCR Paycor HCMPairCorr
  0.73SPIR Spire Global Symbol ChangePairCorr
  0.81CASS Cass Information Systems Fiscal Year End 23rd of January 2025 PairCorr
  0.89CSGS CSG Systems InternationalPairCorr
  0.62F Ford Motor Aggressive PushPairCorr
  0.75GM General Motors Aggressive PushPairCorr
  0.81GT Goodyear Tire RubberPairCorr
  0.79IP International PaperPairCorr

Moving against KAR Stock

  0.73PFMT Performant FinancialPairCorr
  0.65CVEO Civeo CorpPairCorr
  0.62GP GreenPower MotorPairCorr
  0.6W Wayfair Buyout TrendPairCorr
  0.57DIBS 1StdibsComPairCorr
  0.47MMS MaximusPairCorr
  0.44FA First Advantage CorpPairCorr
  0.63YJ Yunji IncPairCorr
  0.55QS Quantumscape CorpPairCorr
  0.39MI NFT LimitedPairCorr
  0.38DOOO BRP Inc Earnings Call This WeekPairCorr
  0.35DLTH Duluth Holdings Earnings Call This WeekPairCorr

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   
HOFT
+ 0.82
BSET
LZB
+ 0.71
HOFT
FLXS
+ 0.57
BSET
ETD
+ 0.51
HBB
FLXS
+ 0.5
HOFT
ETD
+ 0.5
LZB
  
High negative correlations   
HBB
- 0.63
FLXS
ETD
- 0.62
FLXS
HBB
- 0.49
HOFT
HBB
- 0.48
BSET
LZB
- 0.33
HBB
FLXS
- 0.22
NTZ

Risk-Adjusted Indicators

There is a big difference between KAR Stock performing well and KAR Auction 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 KAR Auction'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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