Correlation Between Dicker Data and Australian Agri
Can any of the company-specific risk be diversified away by investing in both Dicker Data and Australian Agri 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 Dicker Data and Australian Agri into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dicker Data and Australian Agri Projects, you can compare the effects of market volatilities on Dicker Data and Australian Agri 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 Dicker Data with a short position of Australian Agri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dicker Data and Australian Agri.
Diversification Opportunities for Dicker Data and Australian Agri
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Dicker and Australian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Dicker Data and Australian Agri Projects in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Australian Agri Projects and Dicker Data 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 Dicker Data are associated (or correlated) with Australian Agri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Australian Agri Projects has no effect on the direction of Dicker Data i.e., Dicker Data and Australian Agri go up and down completely randomly.
Pair Corralation between Dicker Data and Australian Agri
If you would invest 846.00 in Dicker Data on November 4, 2024 and sell it today you would earn a total of 14.00 from holding Dicker Data or generate 1.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Dicker Data vs. Australian Agri Projects
Performance |
| Timeline |
| Dicker Data |
| Australian Agri Projects |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Dicker Data and Australian Agri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dicker Data and Australian Agri
The main advantage of trading using opposite Dicker Data and Australian Agri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dicker Data position performs unexpectedly, Australian Agri 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 Australian Agri will offset losses from the drop in Australian Agri's long position.| Dicker Data vs. Dexus Convenience Retail | Dicker Data vs. Super Retail Group | Dicker Data vs. Charter Hall Retail | Dicker Data vs. Centrex Metals |
| Australian Agri vs. Hudson Investment Group | Australian Agri vs. EVE Health Group | Australian Agri vs. Oceania Healthcare | Australian Agri vs. Sonic Healthcare |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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