Correlation Between Figs and CoreCivic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Figs Inc and CoreCivic 475 percent, you can compare the effects of market volatilities on Figs and CoreCivic 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 Figs with a short position of CoreCivic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Figs and CoreCivic.
Diversification Opportunities for Figs and CoreCivic
Good diversification
The 3 months correlation between Figs and CoreCivic is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and CoreCivic 475 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CoreCivic 475 percent and Figs 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 Figs Inc are associated (or correlated) with CoreCivic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoreCivic 475 percent has no effect on the direction of Figs i.e., Figs and CoreCivic go up and down completely randomly.
Pair Corralation between Figs and CoreCivic
Given the investment horizon of 90 days Figs Inc is expected to generate 3.31 times more return on investment than CoreCivic. However, Figs is 3.31 times more volatile than CoreCivic 475 percent. It trades about 0.08 of its potential returns per unit of risk. CoreCivic 475 percent is currently generating about -0.04 per unit of risk. If you would invest 519.00 in Figs Inc on September 12, 2024 and sell it today you would earn a total of 105.00 from holding Figs Inc or generate 20.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.88% |
| Values | Daily Returns |
Figs Inc vs. CoreCivic 475 percent
Performance |
| Timeline |
| Figs Inc |
| CoreCivic 475 percent |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Figs and CoreCivic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Figs and CoreCivic
The main advantage of trading using opposite Figs and CoreCivic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Figs position performs unexpectedly, CoreCivic 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 CoreCivic will offset losses from the drop in CoreCivic's long position.The idea behind Figs Inc and CoreCivic 475 percent pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| CoreCivic vs. Texas Roadhouse | CoreCivic vs. First Watch Restaurant | CoreCivic vs. Dennys Corp | CoreCivic vs. Olympic Steel |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |