Correlation Between First Citizens and Thor Industries

Can any of the company-specific risk be diversified away by investing in both First Citizens and Thor 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 First Citizens and Thor Industries into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between The First Citizens and Thor Industries, you can compare the effects of market volatilities on First Citizens and Thor 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 First Citizens with a short position of Thor Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Citizens and Thor Industries.

Diversification Opportunities for First Citizens and Thor Industries

-0.73

Correlation Coefficient

First Citizens  Thor Industries

Pay attention - limited upside

The 3 months correlation between First and Thor is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding The First Citizens and Thor Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thor Industries and First Citizens 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 The First Citizens are associated (or correlated) with Thor Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thor Industries has no effect on the direction of First Citizens i.e., First Citizens and Thor Industries go up and down completely randomly.

Pair Corralation between First Citizens and Thor Industries

Given the investment horizon of 90 days The First Citizens is expected to under-perform the Thor Industries. In addition to that, First Citizens is 7.45 times more volatile than Thor Industries. It trades about -0.19 of its total potential returns per unit of risk. Thor Industries is currently generating about 0.22 per unit of volatility. If you would invest  8,194  in Thor Industries on May 27, 2025 and sell it today you would earn a total of  2,883  from holding Thor Industries or generate 35.18% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	37.5%
Values	Daily Returns

The First Citizens  vs.  Thor Industries

First Citizens

Risk-Adjusted Performance

Weakest

Over the last 90 days The First Citizens has generated negative risk-adjusted returns adding no value to investors with long positions. Despite inconsistent performance in the last few months, the Stock's fundamental indicators remain quite persistent which may send shares a bit higher in September 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Thor Industries

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Thor Industries are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of very uncertain technical indicators, Thor Industries displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with First Citizens and Thor Industries

The main advantage of trading using opposite First Citizens and Thor Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Citizens position performs unexpectedly, Thor 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 Thor Industries will offset losses from the drop in Thor Industries' long position.

The idea behind The First Citizens and Thor Industries 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.