Correlation Between Duluth Holdings and 532457CH9
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By analyzing existing cross correlation between Duluth Holdings and LLY 495 27 FEB 63, you can compare the effects of market volatilities on Duluth Holdings and 532457CH9 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 Duluth Holdings with a short position of 532457CH9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and 532457CH9.
Diversification Opportunities for Duluth Holdings and 532457CH9
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Duluth and 532457CH9 is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and LLY 495 27 FEB 63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LLY 495 27 and Duluth 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 Duluth Holdings are associated (or correlated) with 532457CH9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LLY 495 27 has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and 532457CH9 go up and down completely randomly.
Pair Corralation between Duluth Holdings and 532457CH9
Given the investment horizon of 90 days Duluth Holdings is expected to under-perform the 532457CH9. In addition to that, Duluth Holdings is 1.57 times more volatile than LLY 495 27 FEB 63. It trades about -0.45 of its total potential returns per unit of risk. LLY 495 27 FEB 63 is currently generating about 0.03 per unit of volatility. If you would invest 9,453 in LLY 495 27 FEB 63 on September 25, 2024 and sell it today you would earn a total of 57.00 from holding LLY 495 27 FEB 63 or generate 0.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Duluth Holdings vs. LLY 495 27 FEB 63
Performance |
Timeline |
Duluth Holdings |
LLY 495 27 |
Duluth Holdings and 532457CH9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Duluth Holdings and 532457CH9
The main advantage of trading using opposite Duluth Holdings and 532457CH9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, 532457CH9 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 532457CH9 will offset losses from the drop in 532457CH9's long position.Duluth Holdings vs. Macys Inc | Duluth Holdings vs. Wayfair | Duluth Holdings vs. 1StdibsCom | Duluth Holdings vs. AutoNation |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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