Correlation Between Myers Industries and Carriage Services
Can any of the company-specific risk be diversified away by investing in both Myers Industries and Carriage Services 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 Myers Industries and Carriage Services into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Myers Industries and Carriage Services, you can compare the effects of market volatilities on Myers Industries and Carriage Services 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 Myers Industries with a short position of Carriage Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of Myers Industries and Carriage Services.
Diversification Opportunities for Myers Industries and Carriage Services
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Myers and Carriage is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Myers Industries and Carriage Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carriage Services and Myers Industries 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 Myers Industries are associated (or correlated) with Carriage Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carriage Services has no effect on the direction of Myers Industries i.e., Myers Industries and Carriage Services go up and down completely randomly.
Pair Corralation between Myers Industries and Carriage Services
Considering the 90-day investment horizon Myers Industries is expected to under-perform the Carriage Services. In addition to that, Myers Industries is 1.72 times more volatile than Carriage Services. It trades about -0.01 of its total potential returns per unit of risk. Carriage Services is currently generating about 0.07 per unit of volatility. If you would invest 2,646 in Carriage Services on August 20, 2025 and sell it today you would earn a total of 1,441 from holding Carriage Services or generate 54.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Myers Industries vs. Carriage Services
Performance |
| Timeline |
| Myers Industries |
| Carriage Services |
Myers Industries and Carriage Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Myers Industries and Carriage Services
The main advantage of trading using opposite Myers Industries and Carriage Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Myers Industries position performs unexpectedly, Carriage Services 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 Carriage Services will offset losses from the drop in Carriage Services' long position.| Myers Industries vs. Douglas Dynamics | Myers Industries vs. Carriage Services | Myers Industries vs. Cars Inc | Myers Industries vs. Build A Bear Workshop |
| Carriage Services vs. Build A Bear Workshop | Carriage Services vs. Douglas Dynamics | Carriage Services vs. Cracker Barrel Old | Carriage Services vs. Myers Industries |
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.
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