Correlation Between Digi International and PENSKE
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By analyzing existing cross correlation between Digi International and PENSKE 57 01 FEB 28, you can compare the effects of market volatilities on Digi International and PENSKE 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 Digi International with a short position of PENSKE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digi International and PENSKE.
Diversification Opportunities for Digi International and PENSKE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Digi and PENSKE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Digi International and PENSKE 57 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PENSKE 57 01 and Digi International 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 Digi International are associated (or correlated) with PENSKE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PENSKE 57 01 has no effect on the direction of Digi International i.e., Digi International and PENSKE go up and down completely randomly.
Pair Corralation between Digi International and PENSKE
If you would invest 3,168 in Digi International on September 15, 2024 and sell it today you would earn a total of 148.00 from holding Digi International or generate 4.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Digi International vs. PENSKE 57 01 FEB 28
Performance |
| Timeline |
| Digi International |
| PENSKE 57 01 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Digi International and PENSKE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digi International and PENSKE
The main advantage of trading using opposite Digi International and PENSKE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digi International position performs unexpectedly, PENSKE 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 PENSKE will offset losses from the drop in PENSKE's long position.| Digi International vs. Passage Bio | Digi International vs. Black Diamond Therapeutics | Digi International vs. Alector | Digi International vs. Century Therapeutics |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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