CarMax Correlations

0HTQ Stock   83.28  0.91  1.08%   
The current 90-days correlation between CarMax Inc and Uniper SE is 0.01 (i.e., Significant diversification). The correlation of CarMax is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

CarMax Correlation With Market

Good diversification

The correlation between CarMax Inc and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CarMax Inc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to CarMax could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CarMax when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back CarMax - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling CarMax Inc to buy it.

Moving together with CarMax Stock

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  0.66SMDS DS Smith PLCPairCorr
  0.92III 3I Group PLCPairCorr
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  0.630HW4 Charter CommunicationsPairCorr
  0.84HSBA HSBC Holdings PLCPairCorr
  0.65BAR Eclectic Bar GroupPairCorr
  0.840R1O Amazon IncPairCorr
  0.84WISE Wise plcPairCorr

Moving against CarMax Stock

  0.79FOG Falcon Oil GasPairCorr
  0.66CLA CAP LEASE AVIATIONPairCorr
  0.53TLOU Tlou EnergyPairCorr
  0.32CAPD Capital DrillingPairCorr
  0.32RIO Rio Tinto PLCPairCorr
  0.31LABS Life Science REITPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
HVTLSC
LSCMUL
HVT0RJ4
LSC0RJ4
HVTMUL
MUL0RJ4
  
High negative correlations   
HVTSTK
STKLSC
STK0RJ4
STKMUL
TRD0RJ4
STKTRD

Risk-Adjusted Indicators

There is a big difference between CarMax Stock performing well and CarMax Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze CarMax's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

Be your own money manager

Our tools can tell you how much better you can do entering a position in CarMax without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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CarMax Corporate Management

Elected by the shareholders, the CarMax's board of directors comprises two types of representatives: CarMax inside directors who are chosen from within the company, and outside directors, selected externally and held independent of CarMax. The board's role is to monitor CarMax's management team and ensure that shareholders' interests are well served. CarMax's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, CarMax's outside directors are responsible for providing unbiased perspectives on the board's policies.