DICKS Sporting Correlations

Summary

D2KS34 Stock

138.27 12.27 9.74%

The current 90-days correlation between DICKS Sporting Goods, and Taiwan Semiconductor Manufacturing is 0.08 (i.e., Significant diversification). The correlation of DICKS Sporting 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.

DICKS Sporting Correlation With Market

Significant diversification

The correlation between DICKS Sporting Goods, and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DICKS Sporting Goods, and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to DICKS Sporting could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace DICKS Sporting when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back DICKS Sporting - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling DICKS Sporting Goods, to buy it.

Moving together with DICKS Stock

0.75	TSMC34	Taiwan Semiconductor	Pair Corr
0.75	GOGL35	Alphabet	Pair Corr
0.74	GOGL34	Alphabet	Pair Corr
0.62	AMZO34	Amazon Inc	Pair Corr
0.7	H1SB34	HSBC Holdings plc	Pair Corr
0.68	NOKI34	Nokia Oyj	Pair Corr
0.74	B1RF34	Broadridge Financial	Pair Corr
0.63	U1AL34	United Airlines Holdings	Pair Corr
0.65	M1CB34	Molson Coors Beverage	Pair Corr
0.76	CEDO3	Companhia de Fiacao	Pair Corr

Moving against DICKS Stock

0.49

BABA34

Alibaba Group Holding

Pair Corr

Related Correlations Analysis

	TSMC34	AAPL34	BABA34	MSFT34	B1SA34	GOGL35	GOGL34	AMZO34	H1SB34	BERK34
TSMC34		0.75	-0.46	0.74	0.38	0.83	0.86	0.79	0.84	0.49	TSMC34
AAPL34	0.75		-0.46	0.94	0.45	0.84	0.85	0.89	0.84	0.73	AAPL34
BABA34	-0.46	-0.46		-0.48	0.26	-0.58	-0.56	-0.64	-0.66	-0.7	BABA34
MSFT34	0.74	0.94	-0.48		0.48	0.83	0.85	0.91	0.84	0.74	MSFT34
B1SA34	0.38	0.45	0.26	0.48		0.17	0.23	0.22	0.18	0.1	B1SA34
GOGL35	0.83	0.84	-0.58	0.83	0.17		0.98	0.94	0.93	0.61	GOGL35
GOGL34	0.86	0.85	-0.56	0.85	0.23	0.98		0.94	0.95	0.61	GOGL34
AMZO34	0.79	0.89	-0.64	0.91	0.22	0.94	0.94		0.95	0.77	AMZO34
H1SB34	0.84	0.84	-0.66	0.84	0.18	0.93	0.95	0.95		0.73	H1SB34
BERK34	0.49	0.73	-0.7	0.74	0.1	0.61	0.61	0.77	0.73		BERK34
	TSMC34	AAPL34	BABA34	MSFT34	B1SA34	GOGL35	GOGL34	AMZO34	H1SB34	BERK34

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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

GOGL34	+ 0.98	GOGL35
H1SB34	+ 0.95	GOGL34
H1SB34	+ 0.95	AMZO34
MSFT34	+ 0.94	AAPL34
AMZO34	+ 0.94	GOGL35
AMZO34	+ 0.94	GOGL34

High negative correlations

BERK34	- 0.7	BABA34
H1SB34	- 0.66	BABA34
AMZO34	- 0.64	BABA34
GOGL35	- 0.58	BABA34
GOGL34	- 0.56	BABA34
MSFT34	- 0.48	BABA34

Risk-Adjusted Indicators

There is a big difference between DICKS Stock performing well and DICKS Sporting 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 DICKS Sporting's 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
TSMC34	2.09	0.34	0.15	1.33	1.94	(2.50)	6.04	(3.58)	15.94
AAPL34	1.15	0.13	0.06	(2.64)	1.48	(1.11)	2.24	(2.74)	6.24
BABA34	1.88	(0.23)	0.00	1.51	0.00	0.00	4.39	(3.29)	10.60
MSFT34	1.12	0.18	0.09	(3.83)	1.51	(1.18)	2.55	(2.46)	8.17
B1SA34	1.01	0.05	0.02	(0.72)	1.02	(1.24)	2.18	(1.66)	4.61
GOGL35	1.56	0.43	0.24	(1.62)	1.46	(1.86)	3.91	(2.04)	8.33
GOGL34	1.69	0.42	0.21	(1.86)	1.61	(2.05)	4.66	(2.83)	10.24
AMZO34	1.40	0.42	0.24	(12.04)	1.38	(1.64)	3.42	(2.32)	9.12
H1SB34	1.02	0.35	0.24	4.28	1.07	(1.18)	2.38	(1.99)	7.71
BERK34	0.96	0.16	0.11	0.40	1.15	(0.96)	1.88	(1.80)	7.63

DICKS Sporting Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with DICKS Sporting stock to make a market-neutral strategy. Peer analysis of DICKS Sporting could also be used in its relative valuation, which is a method of valuing DICKS Sporting by comparing valuation metrics with similar companies.

Taiwan Semiconductor Manufacturing Apple Inc Alibaba Group Holding Microsoft Banco Santander Chile Alphabet Alphabet Amazon Inc HSBC Holdings plc Berkshire Hathaway American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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