Correlation Between CarMax and Farmacias Benavides
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By analyzing existing cross correlation between CarMax Inc and Farmacias Benavides SAB, you can compare the effects of market volatilities on CarMax and Farmacias Benavides 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 CarMax with a short position of Farmacias Benavides. Check out your portfolio center. Please also check ongoing floating volatility patterns of CarMax and Farmacias Benavides.
Diversification Opportunities for CarMax and Farmacias Benavides
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CarMax and Farmacias is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding CarMax Inc and Farmacias Benavides SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Farmacias Benavides SAB and CarMax 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 CarMax Inc are associated (or correlated) with Farmacias Benavides. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Farmacias Benavides SAB has no effect on the direction of CarMax i.e., CarMax and Farmacias Benavides go up and down completely randomly.
Pair Corralation between CarMax and Farmacias Benavides
If you would invest 2,300 in Farmacias Benavides SAB on November 30, 2024 and sell it today you would earn a total of 0.00 from holding Farmacias Benavides SAB or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
CarMax Inc vs. Farmacias Benavides SAB
Performance |
Timeline |
CarMax Inc |
Farmacias Benavides SAB |
CarMax and Farmacias Benavides Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CarMax and Farmacias Benavides
The main advantage of trading using opposite CarMax and Farmacias Benavides positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CarMax position performs unexpectedly, Farmacias Benavides 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 Farmacias Benavides will offset losses from the drop in Farmacias Benavides' long position.CarMax vs. First Majestic Silver | ||
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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 CEOs Directory module to screen CEOs from public companies around the world.
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