Correlation Between HYATT HOTELS and Dollar General

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both HYATT HOTELS and Dollar General 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 HYATT HOTELS and Dollar General into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HYATT HOTELS A and Dollar General, you can compare the effects of market volatilities on HYATT HOTELS and Dollar General 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 HYATT HOTELS with a short position of Dollar General. Check out your portfolio center. Please also check ongoing floating volatility patterns of HYATT HOTELS and Dollar General.

Diversification Opportunities for HYATT HOTELS and Dollar General

HYATTDollarDiversified AwayHYATTDollarDiversified Away100%
-0.19
  Correlation Coefficient

Good diversification

The 3 months correlation between HYATT and Dollar is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding HYATT HOTELS A and Dollar General in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dollar General and HYATT HOTELS 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 HYATT HOTELS A are associated (or correlated) with Dollar General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dollar General has no effect on the direction of HYATT HOTELS i.e., HYATT HOTELS and Dollar General go up and down completely randomly.

Pair Corralation between HYATT HOTELS and Dollar General

Assuming the 90 days trading horizon HYATT HOTELS A is expected to generate 0.92 times more return on investment than Dollar General. However, HYATT HOTELS A is 1.08 times less risky than Dollar General. It trades about 0.08 of its potential returns per unit of risk. Dollar General is currently generating about -0.06 per unit of risk. If you would invest  14,041  in HYATT HOTELS A on October 21, 2024 and sell it today you would earn a total of  1,219  from holding HYATT HOTELS A or generate 8.68% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

HYATT HOTELS A  vs.  Dollar General

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -50510
JavaScript chart by amCharts 3.21.151HTA 7DG
       Timeline  
HYATT HOTELS A 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in HYATT HOTELS A are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively fragile basic indicators, HYATT HOTELS may actually be approaching a critical reversion point that can send shares even higher in February 2025.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan130135140145150155
Dollar General 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Dollar General has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's basic indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan66687072747678

HYATT HOTELS and Dollar General Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-5.82-4.36-2.9-1.44-0.02431.442.964.475.997.51 0.020.040.060.080.100.12
JavaScript chart by amCharts 3.21.151HTA 7DG
       Returns  

Pair Trading with HYATT HOTELS and Dollar General

The main advantage of trading using opposite HYATT HOTELS and Dollar General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HYATT HOTELS position performs unexpectedly, Dollar General 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 Dollar General will offset losses from the drop in Dollar General's long position.
The idea behind HYATT HOTELS A and Dollar General pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..

Other Complementary Tools

Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
Stocks Directory
Find actively traded stocks across global markets
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities