CarMax Correlations

KMX Stock

USD 41.43 0.47 1.15%

The current 90-days correlation between CarMax Inc and AutoNation is 0.6 (i.e., Poor diversification). The correlation of CarMax 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.

CarMax Correlation With Market

Very poor diversification

The correlation between CarMax Inc and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CarMax Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with CarMax Stock

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

Moving together with CarMax Stock

0.64	AN	AutoNation	Pair Corr
0.84	TRA	Turners Automotive	Pair Corr
0.78	HFD	Halfords Group PLC	Pair Corr
0.81	ACQ	Autocanada	Pair Corr
0.72	IXD1	Industria de Diseno	Pair Corr
0.63	ABG	Asbury Automotive	Pair Corr
0.77	CWH	Camping World Holdings	Pair Corr
0.68	BHJC	Bilia AB	Pair Corr
0.67	VTU	Vertu Motors Plc	Pair Corr
0.74	RUN	RUSH ENTERPRISES B Earnings Call This Week	Pair Corr
0.73	XKR	KAR Auction Services Earnings Call This Week	Pair Corr
0.77	IJCA	Inchcape plc	Pair Corr
0.63	MNRO	Monro Muffler Brake	Pair Corr

Moving against CarMax Stock

0.8	MTO	Motorcycle Holdings	Pair Corr
0.78	JZXN	Jiuzi Holdings	Pair Corr
0.59	777	EUROSPORTS GLOBAL LTD	Pair Corr
0.49	PWR	Peter Warren Automotive Earnings Call This Week	Pair Corr
0.44	1CY	China Yongda Automobiles	Pair Corr
0.41	APE	Eagers Automotive Earnings Call This Week	Pair Corr
0.72	ASG	Autosports Group	Pair Corr
0.69	BLNK	Blink Charging	Pair Corr
0.67	CFYN	Caffyns PLC	Pair Corr
0.67	ARAMI	Aramis SAS	Pair Corr
0.66	NAAS	Naas Technology ADR	Pair Corr
0.41	1X4	MOTORPOINT GRP WI	Pair Corr
0.39	0C6	CarGurus Earnings Call This Week	Pair Corr
0.32	MOTR	Motorpoint Group PLC	Pair Corr
0.31	USV	USS Co	Pair Corr

Related Correlations Analysis

	AN	GPI	ALSN	LEA	LAD	HRB	ABG	MAT	BYD	LNW
AN		0.31	0.5	0.29	0.72	-0.16	0.77	0.54	0.45	-0.26	AN
GPI	0.31		-0.49	-0.62	0.27	0.81	0.42	0.31	0.13	-0.68	GPI
ALSN	0.5	-0.49		0.89	0.56	-0.68	0.5	0.15	0.56	0.11	ALSN
LEA	0.29	-0.62	0.89		0.41	-0.7	0.3	0.03	0.54	0.17	LEA
LAD	0.72	0.27	0.56	0.41		-0.04	0.74	0.53	0.69	-0.43	LAD
HRB	-0.16	0.81	-0.68	-0.7	-0.04		0.13	0.27	0.09	-0.71	HRB
ABG	0.77	0.42	0.5	0.3	0.74	0.13		0.46	0.74	-0.58	ABG
MAT	0.54	0.31	0.15	0.03	0.53	0.27	0.46		0.44	-0.41	MAT
BYD	0.45	0.13	0.56	0.54	0.69	0.09	0.74	0.44		-0.64	BYD
LNW	-0.26	-0.68	0.11	0.17	-0.43	-0.71	-0.58	-0.41	-0.64		LNW
	AN	GPI	ALSN	LEA	LAD	HRB	ABG	MAT	BYD	LNW

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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

LEA	+ 0.89	ALSN
HRB	+ 0.81	GPI
ABG	+ 0.77	AN
ABG	+ 0.74	LAD
BYD	+ 0.74	ABG
LAD	+ 0.72	AN

High negative correlations

LNW	- 0.71	HRB
HRB	- 0.7	LEA
HRB	- 0.68	ALSN
LNW	- 0.68	GPI
LNW	- 0.64	BYD
LEA	- 0.62	GPI

Risk-Adjusted Indicators

There is a big difference between CarMax Stock performing well and CarMax 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 CarMax'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
AN	1.41	0.02	0.01	0.08	1.83	(1.45)	3.31	(2.87)	9.46
GPI	1.26	(0.27)	0.00	(0.31)	0.00	0.00	2.58	(2.66)	11.48
ALSN	1.24	0.49	0.40	0.57	0.66	(1.53)	3.31	(1.43)	7.29
LEA	1.55	0.31	0.20	0.27	1.25	(1.78)	3.79	(2.89)	12.29
LAD	1.52	(0.03)	(0.01)	0.03	1.75	(1.73)	3.63	(3.44)	11.08
HRB	1.78	(0.65)	0.00	(0.84)	0.00	0.00	2.42	(4.99)	11.90
ABG	1.56	(0.03)	0.00	0.04	2.04	(1.73)	3.65	(2.74)	12.64
MAT	1.93	(0.24)	0.00	(0.13)	0.00	0.00	3.56	(3.26)	29.45
BYD	1.09	(0.06)	(0.06)	(0.01)	1.19	(1.33)	2.56	(1.86)	6.83
LNW	1.62	0.22	0.10	0.77	1.62	(1.76)	3.55	(2.94)	14.31

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