Boot Barn Correlations

Stocks . USA . 
Stock . Boot Barn Holdings
BOOT Stock  USD 171.04  0.00  0.00%   
The current 90-days correlation between Boot Barn Holdings and Guess Inc is 0.56 (i.e., Very weak diversification). The correlation of Boot Barn 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Boot Barn Correlation With Market

Poor diversification

The correlation between Boot Barn Holdings and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Boot Barn Holdings and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Boot Barn Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Boot Stock

  0.96FL Foot LockerPairCorr
  0.65HD Home DepotPairCorr
  0.65VSCO Victorias SecretPairCorr
  0.72ANF Abercrombie FitchPairCorr
  0.8BBY Best BuyPairCorr
  0.94BKE Buckle IncPairCorr
  0.69GES Guess IncPairCorr
  0.9GRPN Groupon Downward RallyPairCorr
  0.73SCVL Shoe CarnivalPairCorr
  0.95URBN Urban OutfittersPairCorr
  0.91VUZI Vuzix Corp CmnPairCorr
  0.92FOSL Fossil GroupPairCorr
  0.75LEG Leggett PlattPairCorr
  0.9RRR Red Rock Resorts Earnings Call This WeekPairCorr
  0.92UAA Under Armour APairCorr
  0.77GPRO GoPro IncPairCorr
  0.65SONY Sony Group CorpPairCorr
  0.83SONO Sonos Inc Downward RallyPairCorr
  0.92NVDA NVIDIA Aggressive PushPairCorr
  0.65GRAB Grab Holdings Aggressive PushPairCorr
  0.71SOFI SoFi Technologies Aggressive PushPairCorr
  0.66RIVN Rivian AutomotivePairCorr
  0.77F Ford MotorPairCorr
  0.68LTRY Lottery, Common StockPairCorr
  0.86JPM JPMorgan Chase Earnings Call TomorrowPairCorr
  0.95GE GE AerospacePairCorr

Moving against Boot Stock

  0.9MPW Medical Properties TrustPairCorr
  0.33PLCE Childrens PlacePairCorr

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   
DG
+ 0.89
DLTR
DLTR
+ 0.87
URBN
CTAS
+ 0.85
URBN
DLTR
+ 0.84
GES
DG
+ 0.81
URBN
CTAS
+ 0.7
DLTR
  
High negative correlations   
DG
- 0.39
TJX
ORLY
- 0.26
URBN
DG
- 0.23
ORLY
ORLY
- 0.22
DLTR
DLTR
- 0.22
TJX
ORLY
- 0.15
GES

Risk-Adjusted Indicators

There is a big difference between Boot Stock performing well and Boot Barn 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 Boot Barn'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.

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