Correlation Between Asbury Automotive and Genworth
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By analyzing existing cross correlation between Asbury Automotive Group and Genworth Financial 7629, you can compare the effects of market volatilities on Asbury Automotive and Genworth 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 Genworth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asbury Automotive and Genworth.
Diversification Opportunities for Asbury Automotive and Genworth
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asbury and Genworth is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Asbury Automotive Group and Genworth Financial 7629 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genworth Financial 7629 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 Genworth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genworth Financial 7629 has no effect on the direction of Asbury Automotive i.e., Asbury Automotive and Genworth go up and down completely randomly.
Pair Corralation between Asbury Automotive and Genworth
Considering the 90-day investment horizon Asbury Automotive Group is expected to generate 1.51 times more return on investment than Genworth. However, Asbury Automotive is 1.51 times more volatile than Genworth Financial 7629. It trades about 0.28 of its potential returns per unit of risk. Genworth Financial 7629 is currently generating about -0.01 per unit of risk. If you would invest 22,784 in Asbury Automotive Group on September 1, 2024 and sell it today you would earn a total of 3,199 from holding Asbury Automotive Group or generate 14.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.43% |
| Values | Daily Returns |
Asbury Automotive Group vs. Genworth Financial 7629
Performance |
| Timeline |
| Asbury Automotive |
| Genworth Financial 7629 |
Asbury Automotive and Genworth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asbury Automotive and Genworth
The main advantage of trading using opposite Asbury Automotive and Genworth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asbury Automotive position performs unexpectedly, Genworth 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 Genworth will offset losses from the drop in Genworth's long position.| Asbury Automotive vs. Advance Auto Parts | Asbury Automotive vs. Tractor Supply | Asbury Automotive vs. Genuine Parts Co | Asbury Automotive vs. Five Below |
| Genworth vs. Acco Brands | Genworth vs. Life Time Group | Genworth vs. Scholastic | Genworth vs. Emerson Radio |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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