Dicks Sporting Correlations

Stocks . USA . 
Stock . Dicks Sporting Goods
DKS Stock  USD 195.45  4.10  2.14%   
The current 90-days correlation between Dicks Sporting Goods and AutoZone is 0.32 (i.e., Weak 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Dicks Sporting Correlation With Market

Very weak diversification

The correlation between Dicks Sporting Goods and DJI is 0.56 (i.e., Very weak 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.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dicks Sporting Goods. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Dicks Stock

  0.86W WayfairPairCorr
  0.91HD Home DepotPairCorr
  0.84RH RH Earnings Call This WeekPairCorr
  0.64VSCO Victorias SecretPairCorr
  0.83WEYS Weyco GroupPairCorr
  0.71ETSY Etsy IncPairCorr
  0.67ASO Academy Sports OutdoorsPairCorr
  0.77BBY Best BuyPairCorr
  0.85DDS DillardsPairCorr
  0.77FND Floor Decor HoldingsPairCorr
  0.73KSS Kohls CorpPairCorr
  0.89LOW Lowes CompaniesPairCorr
  0.9WSM Williams SonomaPairCorr
  0.87GLBE Global E OnlinePairCorr
  0.74JMIA Jumia TechnologiesPairCorr
  0.7RENT Rent the RunwayPairCorr
  0.75ARHS Arhaus IncPairCorr
  0.81BOOT Boot Barn HoldingsPairCorr
  0.71TTSH Tile Shop HoldingsPairCorr
  0.81CHWY Chewy IncPairCorr
  0.61ULTA Ulta BeautyPairCorr

Moving against Dicks Stock

  0.56BABA Alibaba Group HoldingPairCorr
  0.55GRPN GrouponPairCorr
  0.53VIPS Vipshop HoldingsPairCorr
  0.52AZO AutoZonePairCorr
  0.34PDD PDD HoldingsPairCorr
  0.82IH Ihuman IncPairCorr

Related Correlations Analysis

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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   
WOOF
+ 0.95
ULTA
ORLY
+ 0.87
AZO
WOOF
+ 0.85
RH
ULTA
+ 0.83
RH
WSM
+ 0.74
RH
BBY
+ 0.72
RH
  
High negative correlations   
WOOF
- 0.86
AZO
WOOF
- 0.83
ORLY
ULTA
- 0.83
AZO
AZO
- 0.82
RH
ORLY
- 0.79
ULTA
ORLY
- 0.6
RH

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.

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