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Pair Correlation Between Cintas and UniFirst |
This module allows you to analyze existing cross correlation between Cintas Corporation and UniFirst Corporation. You can compare the effects of market volatilities on Cintas and UniFirst 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 UniFirst. See also your portfolio center. Please also check ongoing floating volatility patterns of Cintas and UniFirst.
| Investment Horizon | 30 Days Login to change |
| Symbols | vs |
Pair Volatility
Given the investment horizon of 30 days, Cintas Corporation is expected to generate 2.39 times more return on investment than UniFirst. However, Cintas is 2.39 times more volatile than UniFirst Corporation. It trades about 0.12 of its potential returns per unit of risk. UniFirst Corporation is currently generating about 0.08 per unit of risk. If you would invest 12,619 in Cintas Corporation on July 16, 2017 and sell it today you would earn a total of 676.00 from holding Cintas Corporation or generate 5.36% return on investment over 30 days.
Correlation Coefficient
Pair Corralation between Cintas and UniFirst
0.77
Parameters
| Time Period | 1 Month [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding Cintas Corp. and UniFirst Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on UniFirst 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 Corporation are associated (or correlated) with UniFirst. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UniFirst has no effect on the direction of Cintas i.e. Cintas and UniFirst go up and down completely randomly.
Comparative Volatility
Cintas |
8 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in Cintas Corporation are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Cintas Corporation
Pair trading matchups for Cintas
UniFirst |
5 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in UniFirst Corporation are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.
UniFirst Corporation
Pair trading matchups for UniFirst
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