Correlation Between CVR Refining and Macys
Can any of the company-specific risk be diversified away by investing in both CVR Refining and Macys 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 CVR Refining and Macys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CVR Refining LP and Macys Inc, you can compare the effects of market volatilities on CVR Refining and Macys 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 CVR Refining with a short position of Macys. Check out your portfolio center. Please also check ongoing floating volatility patterns of CVR Refining and Macys.
Diversification Opportunities for CVR Refining and Macys
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CVR and Macys is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CVR Refining LP and Macys Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Macys Inc and CVR Refining 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 CVR Refining LP are associated (or correlated) with Macys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macys Inc has no effect on the direction of CVR Refining i.e., CVR Refining and Macys go up and down completely randomly.
Pair Corralation between CVR Refining and Macys
If you would invest 1,914 in Macys Inc on January 25, 2024 and sell it today you would lose (12.00) from holding Macys Inc or give up 0.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CVR Refining LP vs. Macys Inc
Performance |
| Timeline |
| CVR Refining LP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Macys Inc |
CVR Refining and Macys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CVR Refining and Macys
The main advantage of trading using opposite CVR Refining and Macys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CVR Refining position performs unexpectedly, Macys 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 Macys will offset losses from the drop in Macys' long position.| CVR Refining vs. NETGEAR | CVR Refining vs. Lincoln Electric Holdings | CVR Refining vs. Analog Devices | CVR Refining vs. RBC Bearings Incorporated |
| Macys vs. Marks Spencer Group | Macys vs. Marks and Spencer | Macys vs. Dillards Capital Trust | Macys vs. Companhia Brasileira de |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |