Correlation Between Cintas and Regenx Tech
Can any of the company-specific risk be diversified away by investing in both Cintas and Regenx Tech at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cintas and Regenx Tech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cintas and Regenx Tech Corp, you can compare the effects of market volatilities on Cintas and Regenx Tech 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 Cintas with a short position of Regenx Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cintas and Regenx Tech.
Diversification Opportunities for Cintas and Regenx Tech
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cintas and Regenx is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Cintas and Regenx Tech Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regenx Tech Corp and Cintas 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 Cintas are associated (or correlated) with Regenx Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regenx Tech Corp has no effect on the direction of Cintas i.e., Cintas and Regenx Tech go up and down completely randomly.
Pair Corralation between Cintas and Regenx Tech
Given the investment horizon of 90 days Cintas is expected to generate 0.11 times more return on investment than Regenx Tech. However, Cintas is 9.42 times less risky than Regenx Tech. It trades about 0.12 of its potential returns per unit of risk. Regenx Tech Corp is currently generating about 0.01 per unit of risk. If you would invest 11,172 in Cintas on August 29, 2024 and sell it today you would earn a total of 11,233 from holding Cintas or generate 100.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cintas vs. Regenx Tech Corp
Performance |
| Timeline |
| Cintas |
| Regenx Tech Corp |
Cintas and Regenx Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cintas and Regenx Tech
The main advantage of trading using opposite Cintas and Regenx Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cintas position performs unexpectedly, Regenx Tech 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 Regenx Tech will offset losses from the drop in Regenx Tech's long position.| Cintas vs. Dolby Laboratories | Cintas vs. Relx PLC ADR | Cintas vs. ABIVAX Socit Anonyme | Cintas vs. Pinnacle Sherman Multi Strategy |
| Regenx Tech vs. GoGold Resources | Regenx Tech vs. P2 Gold | Regenx Tech vs. Max Resource Corp | Regenx Tech vs. Pacific Ridge Exploration |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |