Correlation Between Chicos FAS and Ascena Retail
Can any of the company-specific risk be diversified away by investing in both Chicos FAS and Ascena Retail 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 Chicos FAS and Ascena Retail into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chicos FAS and Ascena Retail Group, you can compare the effects of market volatilities on Chicos FAS and Ascena Retail 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 Chicos FAS with a short position of Ascena Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chicos FAS and Ascena Retail.
Diversification Opportunities for Chicos FAS and Ascena Retail
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Chicos and Ascena is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Chicos FAS and Ascena Retail Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ascena Retail Group and Chicos FAS 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 Chicos FAS are associated (or correlated) with Ascena Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ascena Retail Group has no effect on the direction of Chicos FAS i.e., Chicos FAS and Ascena Retail go up and down completely randomly.
Pair Corralation between Chicos FAS and Ascena Retail
If you would invest 530.00 in Chicos FAS on January 19, 2024 and sell it today you would earn a total of 229.00 from holding Chicos FAS or generate 43.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Chicos FAS vs. Ascena Retail Group
Performance |
| Timeline |
| Chicos FAS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ascena Retail Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Chicos FAS and Ascena Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chicos FAS and Ascena Retail
The main advantage of trading using opposite Chicos FAS and Ascena Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chicos FAS position performs unexpectedly, Ascena Retail 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 Ascena Retail will offset losses from the drop in Ascena Retail's long position.| Chicos FAS vs. Citi Trends | Chicos FAS vs. JJill Inc | Chicos FAS vs. Zumiez Inc | Chicos FAS vs. Tillys Inc |
| Ascena Retail vs. Vera Bradley | Ascena Retail vs. Boot Barn Holdings | Ascena Retail vs. Bridgford Foods | Ascena Retail vs. Steven Madden |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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