Correlation Between Cintas and 58

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Can any of the company-specific risk be diversified away by investing in both Cintas and 58 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 Cintas and 58 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cintas and 58 Inc, you can compare the effects of market volatilities on Cintas and 58 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 Cintas with a short position of 58. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cintas and 58.

Diversification Opportunities for Cintas and 58

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Cintas and 58 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cintas and 58 Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 58 Inc and Cintas 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 Cintas are associated (or correlated) with 58. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 58 Inc has no effect on the direction of Cintas i.e., Cintas and 58 go up and down completely randomly.

Pair Corralation between Cintas and 58

If you would invest  48,063  in Cintas on December 30, 2023 and sell it today you would earn a total of  20,640  from holding Cintas or generate 42.94% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Cintas  vs.  58 Inc

 Performance 
       Timeline  
Cintas 

Risk-Adjusted Performance

15 of 100

 
Low
 
High
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Cintas are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively inconsistent basic indicators, Cintas unveiled solid returns over the last few months and may actually be approaching a breakup point.
58 Inc 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days 58 Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong fundamental drivers, 58 is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Cintas and 58 Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cintas and 58

The main advantage of trading using opposite Cintas and 58 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cintas position performs unexpectedly, 58 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 58 will offset losses from the drop in 58's long position.
The idea behind Cintas and 58 Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.

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