Correlation Between Carvana and 90331HPL1
Specify exactly 2 symbols:
By analyzing existing cross correlation between Carvana Co and US BANK NATIONAL, you can compare the effects of market volatilities on Carvana and 90331HPL1 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 Carvana with a short position of 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carvana and 90331HPL1.
Diversification Opportunities for Carvana and 90331HPL1
Good diversification
The 3 months correlation between Carvana and 90331HPL1 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Carvana Co and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL and Carvana 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 Carvana Co are associated (or correlated) with 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of Carvana i.e., Carvana and 90331HPL1 go up and down completely randomly.
Pair Corralation between Carvana and 90331HPL1
Given the investment horizon of 90 days Carvana Co is expected to generate 3.74 times more return on investment than 90331HPL1. However, Carvana is 3.74 times more volatile than US BANK NATIONAL. It trades about 0.26 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about -0.62 per unit of risk. If you would invest 19,956 in Carvana Co on November 2, 2024 and sell it today you would earn a total of 4,438 from holding Carvana Co or generate 22.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 31.58% |
| Values | Daily Returns |
Carvana Co vs. US BANK NATIONAL
Performance |
| Timeline |
| Carvana |
| US BANK NATIONAL |
Carvana and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carvana and 90331HPL1
The main advantage of trading using opposite Carvana and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carvana position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1's long position.| Carvana vs. CarMax Inc | Carvana vs. U Power Limited | Carvana vs. SunCar Technology Group | Carvana vs. Jiuzi Holdings |
| 90331HPL1 vs. Mid Atlantic Home Health | 90331HPL1 vs. CleanGo Innovations | 90331HPL1 vs. Lowes Companies | 90331HPL1 vs. City Office REIT |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |