ELF Beauty Correlations

ELF Stock  USD 119.22  1.56  1.33%   
The current 90-days correlation between ELF Beauty and Coty Inc is 0.5 (i.e., Very weak diversification). The correlation of ELF Beauty is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

ELF Beauty Correlation With Market

Very weak diversification

The correlation between ELF Beauty and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ELF Beauty and DJI in the same portfolio, assuming nothing else is changed.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ELF Beauty. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.
For more detail on how to invest in ELF Stock please use our How to Invest in ELF Beauty guide.

Moving together with ELF Stock

  0.78EL Estee Lauder CompaniesPairCorr
  0.86EWCZ European Wax CenterPairCorr
  0.62MED MEDIFAST INCPairCorr
  0.85NUS Nu Skin EnterprisesPairCorr
  0.87YSG Yatsen Holding Downward RallyPairCorr
  0.89IPAR Inter ParfumsPairCorr
  0.76SKIN Beauty HealthPairCorr
  0.8SLSN Solesence, Common StockPairCorr
  0.89DG Dollar GeneralPairCorr

Moving against ELF Stock

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  0.87EPC Edgewell Personal CarePairCorr
  0.83SPB Spectrum Brands HoldingsPairCorr
  0.74KVUE Kenvue Inc Aggressive PushPairCorr
  0.7XAGE Longevity Health Hol Symbol ChangePairCorr
  0.57FTLF FitLife Brands, CommonPairCorr
  0.53BSLKW Bolt Projects Holdings, Symbol ChangePairCorr
  0.47MTEX Mannatech IncorporatedPairCorr
  0.36CL Colgate PalmolivePairCorr
  0.35DSY Big Tree CloudPairCorr
  0.34UL Unilever PLC ADR Earnings Call This WeekPairCorr
  0.32SHOT Safety ShotPairCorr
  0.89WGRX Wellgistics Health,PairCorr
  0.88JZ Jianzhi EducationPairCorr
  0.82GO Grocery Outlet HoldingPairCorr
  0.73BSLK Bolt Projects Holdings, Symbol ChangePairCorr
  0.71K Kellanova Earnings Call TomorrowPairCorr
  0.64DOLE Dole PLCPairCorr
  0.63BJ BJs Wholesale ClubPairCorr
  0.63DNUT Krispy Kreme TrendingPairCorr
  0.46YI 111 IncPairCorr
  0.41KO Coca Cola Sell-off TrendPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
FIZZEL
FIZZCOTY
HIMSFIZZ
HIMSEL
HIMSCOTY
PGFIZZ
  
High negative correlations   
PGEL
PGHIMS
ELCOTY

Risk-Adjusted Indicators

There is a big difference between ELF Stock performing well and ELF Beauty Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ELF Beauty's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.