Correlation Between PROG Holdings and Loop Media
Can any of the company-specific risk be diversified away by investing in both PROG Holdings and Loop Media 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 PROG Holdings and Loop Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PROG Holdings and Loop Media, you can compare the effects of market volatilities on PROG Holdings and Loop Media 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 PROG Holdings with a short position of Loop Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of PROG Holdings and Loop Media.
Diversification Opportunities for PROG Holdings and Loop Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PROG and Loop is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PROG Holdings and Loop Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loop Media and PROG Holdings 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 PROG Holdings are associated (or correlated) with Loop Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loop Media has no effect on the direction of PROG Holdings i.e., PROG Holdings and Loop Media go up and down completely randomly.
Pair Corralation between PROG Holdings and Loop Media
If you would invest 2,872 in PROG Holdings on May 30, 2025 and sell it today you would earn a total of 627.00 from holding PROG Holdings or generate 21.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PROG Holdings vs. Loop Media
Performance |
| Timeline |
| PROG Holdings |
| Loop Media |
Risk-Adjusted Performance
Weakest
Weak | Strong |
PROG Holdings and Loop Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PROG Holdings and Loop Media
The main advantage of trading using opposite PROG Holdings and Loop Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PROG Holdings position performs unexpectedly, Loop Media 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 Loop Media will offset losses from the drop in Loop Media's long position.| PROG Holdings vs. Alta Equipment Group | PROG Holdings vs. GATX Corporation | PROG Holdings vs. McGrath RentCorp | PROG Holdings vs. Adtalem Global Education |
| Loop Media vs. Starwin Media Holdings | Loop Media vs. JD Sports Fashion | Loop Media vs. Dynasty Fine Wines | Loop Media vs. Zevia Pbc |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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