Correlation Between Sprouts Farmers and CIGNA

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Can any of the company-specific risk be diversified away by investing in both Sprouts Farmers and CIGNA 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 Sprouts Farmers and CIGNA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sprouts Farmers Market and CIGNA P, you can compare the effects of market volatilities on Sprouts Farmers and CIGNA 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 Sprouts Farmers with a short position of CIGNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sprouts Farmers and CIGNA.

Diversification Opportunities for Sprouts Farmers and CIGNA

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Sprouts and CIGNA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sprouts Farmers Market and CIGNA P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIGNA P and Sprouts Farmers 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 Sprouts Farmers Market are associated (or correlated) with CIGNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIGNA P has no effect on the direction of Sprouts Farmers i.e., Sprouts Farmers and CIGNA go up and down completely randomly.

Pair Corralation between Sprouts Farmers and CIGNA

If you would invest  6,334  in Sprouts Farmers Market on March 6, 2024 and sell it today you would earn a total of  1,551  from holding Sprouts Farmers Market or generate 24.49% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Sprouts Farmers Market  vs.  CIGNA P

 Performance 
       Timeline  
Sprouts Farmers Market 

Risk-Adjusted Performance

14 of 100

 
Weak
 
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Good
Compared to the overall equity markets, risk-adjusted returns on investments in Sprouts Farmers Market are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady technical and fundamental indicators, Sprouts Farmers displayed solid returns over the last few months and may actually be approaching a breakup point.
CIGNA P 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days CIGNA P has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, CIGNA is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Sprouts Farmers and CIGNA Volatility Contrast

   Predicted Return Density   
       Returns  
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