Correlation Between CBIZ and MYR
Can any of the company-specific risk be diversified away by investing in both CBIZ and MYR 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 CBIZ and MYR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CBIZ Inc and MYR Group, you can compare the effects of market volatilities on CBIZ and MYR 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 CBIZ with a short position of MYR. Check out your portfolio center. Please also check ongoing floating volatility patterns of CBIZ and MYR.
Diversification Opportunities for CBIZ and MYR
Excellent diversification
The 3 months correlation between CBIZ and MYR is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding CBIZ Inc and MYR Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYR Group and CBIZ 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 CBIZ Inc are associated (or correlated) with MYR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYR Group has no effect on the direction of CBIZ i.e., CBIZ and MYR go up and down completely randomly.
Pair Corralation between CBIZ and MYR
Considering the 90-day investment horizon CBIZ Inc is expected to under-perform the MYR. But the stock apears to be less risky and, when comparing its historical volatility, CBIZ Inc is 1.3 times less risky than MYR. The stock trades about -0.19 of its potential returns per unit of risk. The MYR Group is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 18,236 in MYR Group on September 2, 2025 and sell it today you would earn a total of 4,196 from holding MYR Group or generate 23.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CBIZ Inc vs. MYR Group
Performance |
| Timeline |
| CBIZ Inc |
| MYR Group |
CBIZ and MYR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CBIZ and MYR
The main advantage of trading using opposite CBIZ and MYR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CBIZ position performs unexpectedly, MYR 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 MYR will offset losses from the drop in MYR's long position.| CBIZ vs. Safety Insurance Group | CBIZ vs. BC Technology Group | CBIZ vs. TeraForce Technology | CBIZ vs. Selective Insurance Group |
| MYR vs. Brookfield Office Properties | MYR vs. Columbia Sportswear | MYR vs. Slate Office REIT | MYR vs. Critic Clothing |
Check out your portfolio center.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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Transaction History View history of all your transactions and understand their impact on performance |