Correlation Between F45 Training and YETI Holdings
Can any of the company-specific risk be diversified away by investing in both F45 Training and YETI Holdings 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 F45 Training and YETI Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between F45 Training Holdings and YETI Holdings, you can compare the effects of market volatilities on F45 Training and YETI Holdings 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 F45 Training with a short position of YETI Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of F45 Training and YETI Holdings.
Diversification Opportunities for F45 Training and YETI Holdings
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between F45 and YETI is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding F45 Training Holdings and YETI Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YETI Holdings and F45 Training 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 F45 Training Holdings are associated (or correlated) with YETI Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YETI Holdings has no effect on the direction of F45 Training i.e., F45 Training and YETI Holdings go up and down completely randomly.
Pair Corralation between F45 Training and YETI Holdings
Given the investment horizon of 90 days F45 Training Holdings is expected to under-perform the YETI Holdings. In addition to that, F45 Training is 1.93 times more volatile than YETI Holdings. It trades about -0.19 of its total potential returns per unit of risk. YETI Holdings is currently generating about 0.0 per unit of volatility. If you would invest 4,555 in YETI Holdings on August 31, 2024 and sell it today you would lose (522.00) from holding YETI Holdings or give up 11.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 31.11% |
| Values | Daily Returns |
F45 Training Holdings vs. YETI Holdings
Performance |
| Timeline |
| F45 Training Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| YETI Holdings |
F45 Training and YETI Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with F45 Training and YETI Holdings
The main advantage of trading using opposite F45 Training and YETI Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if F45 Training position performs unexpectedly, YETI Holdings 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 YETI Holdings will offset losses from the drop in YETI Holdings' long position.| F45 Training vs. Life Time Group | F45 Training vs. Bowlero Corp | F45 Training vs. Planet Fitness | F45 Training vs. JAKKS Pacific |
| YETI Holdings vs. Acushnet Holdings Corp | YETI Holdings vs. Bowlero Corp | YETI Holdings vs. Madison Square Garden | YETI Holdings vs. Callaway Golf |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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