Correlation Between Asbury Automotive and 22966RAE6
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By analyzing existing cross correlation between Asbury Automotive Group and CUBESMART L P, you can compare the effects of market volatilities on Asbury Automotive and 22966RAE6 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Asbury Automotive with a short position of 22966RAE6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asbury Automotive and 22966RAE6.
Diversification Opportunities for Asbury Automotive and 22966RAE6
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Asbury and 22966RAE6 is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Asbury Automotive Group and CUBESMART L P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CUBESMART L P and Asbury Automotive is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Asbury Automotive Group are associated (or correlated) with 22966RAE6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CUBESMART L P has no effect on the direction of Asbury Automotive i.e., Asbury Automotive and 22966RAE6 go up and down completely randomly.
Pair Corralation between Asbury Automotive and 22966RAE6
Considering the 90-day investment horizon Asbury Automotive Group is expected to generate 1.45 times more return on investment than 22966RAE6. However, Asbury Automotive is 1.45 times more volatile than CUBESMART L P. It trades about 0.16 of its potential returns per unit of risk. CUBESMART L P is currently generating about -0.26 per unit of risk. If you would invest 24,378 in Asbury Automotive Group on October 23, 2024 and sell it today you would earn a total of 1,314 from holding Asbury Automotive Group or generate 5.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.16% |
| Values | Daily Returns |
Asbury Automotive Group vs. CUBESMART L P
Performance |
| Timeline |
| Asbury Automotive |
| CUBESMART L P |
Asbury Automotive and 22966RAE6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asbury Automotive and 22966RAE6
The main advantage of trading using opposite Asbury Automotive and 22966RAE6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asbury Automotive position performs unexpectedly, 22966RAE6 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 22966RAE6 will offset losses from the drop in 22966RAE6's long position.| Asbury Automotive vs. Sonic Automotive | Asbury Automotive vs. Lithia Motors | Asbury Automotive vs. AutoNation | Asbury Automotive vs. Penske Automotive Group |
| 22966RAE6 vs. Merit Medical Systems | 22966RAE6 vs. Catalyst Pharmaceuticals | 22966RAE6 vs. CF Industries Holdings | 22966RAE6 vs. Albemarle |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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