Nike Correlations

NKE Stock

USD 78.34 0.73 0.94%

The current 90-days correlation between Nike Inc and Steven Madden is 0.41 (i.e., Very weak diversification). The correlation of Nike 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.

Nike Correlation With Market

Average diversification

The correlation between Nike Inc and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nike Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nike Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Nike Stock

0.8	CCS	Century Communities	Pair Corr
0.64	KBH	KB Home Fiscal Year End 8th of January 2025	Pair Corr
0.78	MTH	Meritage	Pair Corr
0.61	SKX	Skechers USA	Pair Corr
0.71	TPH	TRI Pointe Homes	Pair Corr
0.67	LGIH	LGI Homes	Pair Corr
0.78	WING	Wingstop	Pair Corr
0.76	ASO	Academy Sports Outdoors Earnings Call Today	Pair Corr
0.71	BBY	Best Buy	Pair Corr

Moving against Nike Stock

0.53	BH	Biglari Holdings	Pair Corr
0.49	WEYS	Weyco Group	Pair Corr
0.45	WWW	Wolverine World Wide	Pair Corr
0.45	MYTE	MYT Netherlands Parent	Pair Corr
0.41	CVCO	Cavco Industries	Pair Corr
0.36	FORD	Forward Industries	Pair Corr
0.68	EAT	Brinker International	Pair Corr
0.6	LIND	Lindblad Expeditions Potential Growth	Pair Corr
0.53	FWRG	First Watch Restaurant	Pair Corr
0.45	DAO	Youdao Inc	Pair Corr
0.42	ADT	ADT Inc	Pair Corr
0.4	KRUS	Kura Sushi USA	Pair Corr
0.4	PBPB	Potbelly	Pair Corr
0.35	WEN	The Wendys	Pair Corr

Related Correlations Analysis

	SHOO	CAL	WEYS	DBI
SHOO		-0.13	-0.27	0.58	SHOO
CAL	-0.13		-0.36	0.61	CAL
WEYS	-0.27	-0.36		-0.48	WEYS
DBI	0.58	0.61	-0.48		DBI
	SHOO	CAL	WEYS	DBI

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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

DBI	+ 0.61	CAL
DBI	+ 0.58	SHOO

High negative correlations

DBI	- 0.48	WEYS
WEYS	- 0.36	CAL
WEYS	- 0.27	SHOO
CAL	- 0.13	SHOO

Risk-Adjusted Indicators

There is a big difference between Nike Stock performing well and Nike 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 Nike'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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SHOO	1.34	(0.11)	(0.03)	0.00	0.00	2.96	(2.75)	8.41
CAL	2.16	(0.63)	(0.31)	0.00	0.00	4.17	(5.21)	20.00
WEYS	1.81	(0.17)	0.05	2.21	(2.05)	2.82	(3.22)	25.17
DBI	3.20	(0.83)	(0.50)	0.00	0.00	7.16	(7.83)	19.89

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