Correlation Between Five Below and CSS Industries
Can any of the company-specific risk be diversified away by investing in both Five Below and CSS Industries 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 Five Below and CSS Industries into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Five Below and CSS Industries, you can compare the effects of market volatilities on Five Below and CSS Industries 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 Five Below with a short position of CSS Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Five Below and CSS Industries.
Diversification Opportunities for Five Below and CSS Industries
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Five and CSS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Five Below and CSS Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSS Industries and Five Below 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 Five Below are associated (or correlated) with CSS Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSS Industries has no effect on the direction of Five Below i.e., Five Below and CSS Industries go up and down completely randomly.
Pair Corralation between Five Below and CSS Industries
If you would invest (100.00) in CSS Industries on January 20, 2024 and sell it today you would earn a total of 100.00 from holding CSS Industries or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Five Below vs. CSS Industries
Performance |
| Timeline |
| Five Below |
| CSS Industries |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Five Below and CSS Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Five Below and CSS Industries
The main advantage of trading using opposite Five Below and CSS Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Five Below position performs unexpectedly, CSS Industries 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 CSS Industries will offset losses from the drop in CSS Industries' long position.| Five Below vs. OReilly Automotive | Five Below vs. AutoZone | Five Below vs. Genuine Parts Co | Five Below vs. Williams Sonoma |
| CSS Industries vs. American Axle Manufacturing | CSS Industries vs. Verra Mobility Corp | CSS Industries vs. Norfolk Southern | CSS Industries vs. Sun Country Airlines |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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