Correlation Between Planet Fitness and ALTRIA
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By analyzing existing cross correlation between Planet Fitness and ALTRIA GROUP INC, you can compare the effects of market volatilities on Planet Fitness and ALTRIA 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 Planet Fitness with a short position of ALTRIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Planet Fitness and ALTRIA.
Diversification Opportunities for Planet Fitness and ALTRIA
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Planet and ALTRIA is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Planet Fitness and ALTRIA GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTRIA GROUP INC and Planet Fitness 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 Planet Fitness are associated (or correlated) with ALTRIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTRIA GROUP INC has no effect on the direction of Planet Fitness i.e., Planet Fitness and ALTRIA go up and down completely randomly.
Pair Corralation between Planet Fitness and ALTRIA
Given the investment horizon of 90 days Planet Fitness is expected to generate 2.85 times more return on investment than ALTRIA. However, Planet Fitness is 2.85 times more volatile than ALTRIA GROUP INC. It trades about 0.08 of its potential returns per unit of risk. ALTRIA GROUP INC is currently generating about -0.02 per unit of risk. If you would invest 7,382 in Planet Fitness on September 3, 2024 and sell it today you would earn a total of 2,573 from holding Planet Fitness or generate 34.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.68% |
| Values | Daily Returns |
Planet Fitness vs. ALTRIA GROUP INC
Performance |
| Timeline |
| Planet Fitness |
| ALTRIA GROUP INC |
Planet Fitness and ALTRIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Planet Fitness and ALTRIA
The main advantage of trading using opposite Planet Fitness and ALTRIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Planet Fitness position performs unexpectedly, ALTRIA 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 ALTRIA will offset losses from the drop in ALTRIA's long position.| Planet Fitness vs. Life Time Group | Planet Fitness vs. Bowlero Corp | Planet Fitness vs. JAKKS Pacific | Planet Fitness vs. Six Flags Entertainment |
| ALTRIA vs. Xponential Fitness | ALTRIA vs. Mattel Inc | ALTRIA vs. Employers Holdings | ALTRIA vs. Pekin Life Insurance |
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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