Carriage Services Correlations

CSV Stock

USD 44.50 0.33 0.74%

The current 90-days correlation between Carriage Services and Smart Share Global is 0.1 (i.e., Average diversification). The correlation of Carriage Services 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.

Carriage Services Correlation With Market

Very weak diversification

The correlation between Carriage Services and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carriage Services and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Carriage Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Carriage Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

For more information on how to buy Carriage Stock please use our How to Invest in Carriage Services guide.

Moving together with Carriage Stock

0.62	H	Hyatt Hotels	Pair Corr
0.67	CUK	Carnival Plc ADS	Pair Corr

Moving against Carriage Stock

0.34	DPZ	Dominos Pizza Common	Pair Corr
0.32	WING	Wingstop	Pair Corr
0.32	DIN	Dine Brands Global	Pair Corr
0.62	ZSPC	zSpace, Common stock	Pair Corr
0.5	GDHG	Golden Heaven Group	Pair Corr
0.49	EJH	E Home Household	Pair Corr
0.39	WEN	The Wendys	Pair Corr
0.33	DRI	Darden Restaurants	Pair Corr

Related Correlations Analysis

	SCI	BFAM	ROL	EM	MATW	HI	HVT	CBZ
SCI		0.04	-0.25	0.4	0.38	0.56	0.53	-0.12	SCI
BFAM	0.04		0.39	-0.16	-0.65	-0.24	-0.39	-0.23	BFAM
ROL	-0.25	0.39		0.26	-0.3	-0.01	-0.04	-0.5	ROL
EM	0.4	-0.16	0.26		0.36	0.72	0.74	-0.42	EM
MATW	0.38	-0.65	-0.3	0.36		0.56	0.7	0.1	MATW
HI	0.56	-0.24	-0.01	0.72	0.56		0.88	-0.18	HI
HVT	0.53	-0.39	-0.04	0.74	0.7	0.88		-0.21	HVT
CBZ	-0.12	-0.23	-0.5	-0.42	0.1	-0.18	-0.21		CBZ
	SCI	BFAM	ROL	EM	MATW	HI	HVT	CBZ

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

HVT	+ 0.88	HI
HVT	+ 0.74	EM
HI	+ 0.72	EM
HVT	+ 0.7	MATW
HI	+ 0.56	SCI
HI	+ 0.56	MATW

High negative correlations

MATW	- 0.65	BFAM
CBZ	- 0.5	ROL
CBZ	- 0.42	EM
HVT	- 0.39	BFAM
MATW	- 0.3	ROL
ROL	- 0.25	SCI

Risk-Adjusted Indicators

There is a big difference between Carriage Stock performing well and Carriage Services 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 Carriage Services' 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SCI	0.74	0.04	(0.06)	0.44	1.06	(0.72)	1.57	(1.73)	5.84
BFAM	1.12	(0.14)	0.00	(0.68)	0.00	0.00	1.58	(1.91)	15.83
ROL	0.77	(0.04)	(0.14)	(0.02)	0.95	(0.81)	1.44	(1.43)	7.55
EM	0.89	0.25	0.07	(13.48)	0.73	(1.48)	1.74	(1.71)	13.05
MATW	2.10	(0.05)	0.04	0.11	2.21	(2.39)	4.37	(4.09)	14.36
HI	2.78	0.08	0.15	0.15	2.50	(3.31)	6.06	(4.71)	22.21
HVT	1.77	(0.03)	0.06	0.12	1.81	(2.12)	4.58	(3.83)	11.72
CBZ	1.58	(0.32)	0.00	(0.07)	0.00	0.00	2.87	(2.70)	22.94

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