Correlation Between Clear Channel and EverQuote
Can any of the company-specific risk be diversified away by investing in both Clear Channel and EverQuote 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 Clear Channel and EverQuote into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clear Channel Outdoor and EverQuote Class A, you can compare the effects of market volatilities on Clear Channel and EverQuote 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 Clear Channel with a short position of EverQuote. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clear Channel and EverQuote.
Diversification Opportunities for Clear Channel and EverQuote
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Clear and EverQuote is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Clear Channel Outdoor and EverQuote Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EverQuote Class A and Clear Channel 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 Clear Channel Outdoor are associated (or correlated) with EverQuote. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EverQuote Class A has no effect on the direction of Clear Channel i.e., Clear Channel and EverQuote go up and down completely randomly.
Pair Corralation between Clear Channel and EverQuote
Considering the 90-day investment horizon Clear Channel Outdoor is expected to generate 1.57 times more return on investment than EverQuote. However, Clear Channel is 1.57 times more volatile than EverQuote Class A. It trades about 0.14 of its potential returns per unit of risk. EverQuote Class A is currently generating about 0.02 per unit of risk. If you would invest 128.00 in Clear Channel Outdoor on August 22, 2025 and sell it today you would earn a total of 49.00 from holding Clear Channel Outdoor or generate 38.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Clear Channel Outdoor vs. EverQuote Class A
Performance |
| Timeline |
| Clear Channel Outdoor |
| EverQuote Class A |
Clear Channel and EverQuote Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clear Channel and EverQuote
The main advantage of trading using opposite Clear Channel and EverQuote positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clear Channel position performs unexpectedly, EverQuote 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 EverQuote will offset losses from the drop in EverQuote's long position.| Clear Channel vs. Emerald Expositions Events | Clear Channel vs. QuinStreet | Clear Channel vs. Deluxe | Clear Channel vs. Newsmax, |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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