Correlation Between Duluth Holdings and Phunware
Can any of the company-specific risk be diversified away by investing in both Duluth Holdings and Phunware 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 Duluth Holdings and Phunware into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Duluth Holdings and Phunware, you can compare the effects of market volatilities on Duluth Holdings and Phunware 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 Phunware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and Phunware.
Diversification Opportunities for Duluth Holdings and Phunware
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Duluth and Phunware is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and Phunware in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phunware 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 Phunware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phunware has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and Phunware go up and down completely randomly.
Pair Corralation between Duluth Holdings and Phunware
If you would invest 376.00 in Duluth Holdings on September 5, 2024 and sell it today you would lose (1.00) from holding Duluth Holdings or give up 0.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Duluth Holdings vs. Phunware
Performance |
| Timeline |
| Duluth Holdings |
| Phunware |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Duluth Holdings and Phunware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and Phunware
The main advantage of trading using opposite Duluth Holdings and Phunware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, Phunware 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 Phunware will offset losses from the drop in Phunware's long position.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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