Correlation Between Dupont De and Sturgis Bancorp
Can any of the company-specific risk be diversified away by investing in both Dupont De and Sturgis Bancorp 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 Dupont De and Sturgis Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dupont De Nemours and Sturgis Bancorp, you can compare the effects of market volatilities on Dupont De and Sturgis Bancorp 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 Dupont De with a short position of Sturgis Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dupont De and Sturgis Bancorp.
Diversification Opportunities for Dupont De and Sturgis Bancorp
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Dupont and Sturgis is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Dupont De Nemours and Sturgis Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sturgis Bancorp and Dupont De 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 Dupont De Nemours are associated (or correlated) with Sturgis Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sturgis Bancorp has no effect on the direction of Dupont De i.e., Dupont De and Sturgis Bancorp go up and down completely randomly.
Pair Corralation between Dupont De and Sturgis Bancorp
If you would invest 8,391 in Dupont De Nemours on August 29, 2024 and sell it today you would earn a total of 7.00 from holding Dupont De Nemours or generate 0.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Dupont De Nemours vs. Sturgis Bancorp
Performance |
| Timeline |
| Dupont De Nemours |
| Sturgis Bancorp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Dupont De and Sturgis Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dupont De and Sturgis Bancorp
The main advantage of trading using opposite Dupont De and Sturgis Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dupont De position performs unexpectedly, Sturgis Bancorp 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 Sturgis Bancorp will offset losses from the drop in Sturgis Bancorp's long position.| Dupont De vs. Direxion Daily FTSE | Dupont De vs. Collegium Pharmaceutical | Dupont De vs. KKR Co LP | Dupont De vs. iShares Dividend and |
| Sturgis Bancorp vs. FS Bancorp | Sturgis Bancorp vs. Eastern Michigan Financial | Sturgis Bancorp vs. Grand River Commerce | Sturgis Bancorp vs. Bank of Botetourt |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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