Correlation Between Shoe Carnival and CoreCivic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shoe Carnival and CoreCivic 475 percent, you can compare the effects of market volatilities on Shoe Carnival 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 Shoe Carnival with a short position of CoreCivic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shoe Carnival and CoreCivic.
Diversification Opportunities for Shoe Carnival and CoreCivic
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shoe and CoreCivic is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Shoe Carnival 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 Shoe Carnival 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 Shoe Carnival 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 Shoe Carnival i.e., Shoe Carnival and CoreCivic go up and down completely randomly.
Pair Corralation between Shoe Carnival and CoreCivic
Given the investment horizon of 90 days Shoe Carnival is expected to under-perform the CoreCivic. In addition to that, Shoe Carnival is 1.72 times more volatile than CoreCivic 475 percent. It trades about -0.03 of its total potential returns per unit of risk. CoreCivic 475 percent is currently generating about -0.04 per unit of volatility. If you would invest 9,471 in CoreCivic 475 percent on September 12, 2024 and sell it today you would lose (489.00) from holding CoreCivic 475 percent or give up 5.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.88% |
| Values | Daily Returns |
Shoe Carnival vs. CoreCivic 475 percent
Performance |
| Timeline |
| Shoe Carnival |
| CoreCivic 475 percent |
Shoe Carnival and CoreCivic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shoe Carnival and CoreCivic
The main advantage of trading using opposite Shoe Carnival and CoreCivic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shoe Carnival 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.| Shoe Carnival vs. Capri Holdings | Shoe Carnival vs. Movado Group | Shoe Carnival vs. Tapestry | Shoe Carnival vs. Brilliant Earth Group |
| 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Stocks Directory Find actively traded stocks across global markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |