Correlation Between Citi Trends and DoorDash,
Can any of the company-specific risk be diversified away by investing in both Citi Trends and DoorDash, at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Citi Trends and DoorDash, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citi Trends and DoorDash, Class A, you can compare the effects of market volatilities on Citi Trends and DoorDash, 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 Citi Trends with a short position of DoorDash,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and DoorDash,.
Diversification Opportunities for Citi Trends and DoorDash,
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citi and DoorDash, is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and DoorDash, Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DoorDash, Class A and Citi Trends 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 Citi Trends are associated (or correlated) with DoorDash,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DoorDash, Class A has no effect on the direction of Citi Trends i.e., Citi Trends and DoorDash, go up and down completely randomly.
Pair Corralation between Citi Trends and DoorDash,
Given the investment horizon of 90 days Citi Trends is expected to generate 2.47 times more return on investment than DoorDash,. However, Citi Trends is 2.47 times more volatile than DoorDash, Class A. It trades about 0.3 of its potential returns per unit of risk. DoorDash, Class A is currently generating about -0.11 per unit of risk. If you would invest 1,957 in Citi Trends on September 24, 2024 and sell it today you would earn a total of 612.00 from holding Citi Trends or generate 31.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Citi Trends vs. DoorDash, Class A
Performance |
Timeline |
Citi Trends |
DoorDash, Class A |
Citi Trends and DoorDash, Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citi Trends and DoorDash,
The main advantage of trading using opposite Citi Trends and DoorDash, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, DoorDash, 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 DoorDash, will offset losses from the drop in DoorDash,'s long position.Citi Trends vs. Macys Inc | Citi Trends vs. Wayfair | Citi Trends vs. 1StdibsCom | Citi Trends vs. AutoNation |
DoorDash, vs. Snap Inc | DoorDash, vs. Twilio Inc | DoorDash, vs. Fiverr International | DoorDash, vs. Spotify Technology SA |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
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 | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |