Correlation Between Dolphin Entertainment and ACADIA
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By analyzing existing cross correlation between Dolphin Entertainment and ACADIA HEALTHCARE INC, you can compare the effects of market volatilities on Dolphin Entertainment and ACADIA 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 Dolphin Entertainment with a short position of ACADIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dolphin Entertainment and ACADIA.
Diversification Opportunities for Dolphin Entertainment and ACADIA
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dolphin and ACADIA is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Dolphin Entertainment and ACADIA HEALTHCARE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACADIA HEALTHCARE INC and Dolphin Entertainment 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 Dolphin Entertainment are associated (or correlated) with ACADIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACADIA HEALTHCARE INC has no effect on the direction of Dolphin Entertainment i.e., Dolphin Entertainment and ACADIA go up and down completely randomly.
Pair Corralation between Dolphin Entertainment and ACADIA
Given the investment horizon of 90 days Dolphin Entertainment is expected to under-perform the ACADIA. In addition to that, Dolphin Entertainment is 4.33 times more volatile than ACADIA HEALTHCARE INC. It trades about -0.17 of its total potential returns per unit of risk. ACADIA HEALTHCARE INC is currently generating about -0.15 per unit of volatility. If you would invest 9,513 in ACADIA HEALTHCARE INC on August 27, 2024 and sell it today you would lose (224.00) from holding ACADIA HEALTHCARE INC or give up 2.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Dolphin Entertainment vs. ACADIA HEALTHCARE INC
Performance |
| Timeline |
| Dolphin Entertainment |
| ACADIA HEALTHCARE INC |
Dolphin Entertainment and ACADIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dolphin Entertainment and ACADIA
The main advantage of trading using opposite Dolphin Entertainment and ACADIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dolphin Entertainment position performs unexpectedly, ACADIA 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 ACADIA will offset losses from the drop in ACADIA's long position.| Dolphin Entertainment vs. Hall of Fame | Dolphin Entertainment vs. Wisekey International Holding | Dolphin Entertainment vs. Oriental Culture Holding |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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