Correlation Between Duluth Holdings and 06406RAH0
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By analyzing existing cross correlation between Duluth Holdings and BANK NEW YORK, you can compare the effects of market volatilities on Duluth Holdings and 06406RAH0 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 06406RAH0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and 06406RAH0.
Diversification Opportunities for Duluth Holdings and 06406RAH0
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Duluth and 06406RAH0 is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and BANK NEW YORK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK NEW YORK 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 06406RAH0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK NEW YORK has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and 06406RAH0 go up and down completely randomly.
Pair Corralation between Duluth Holdings and 06406RAH0
Given the investment horizon of 90 days Duluth Holdings is expected to generate 5.82 times more return on investment than 06406RAH0. However, Duluth Holdings is 5.82 times more volatile than BANK NEW YORK. It trades about 0.08 of its potential returns per unit of risk. BANK NEW YORK is currently generating about -0.01 per unit of risk. If you would invest 371.00 in Duluth Holdings on August 29, 2024 and sell it today you would earn a total of 18.00 from holding Duluth Holdings or generate 4.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duluth Holdings vs. BANK NEW YORK
Performance |
| Timeline |
| Duluth Holdings |
| BANK NEW YORK |
Duluth Holdings and 06406RAH0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and 06406RAH0
The main advantage of trading using opposite Duluth Holdings and 06406RAH0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, 06406RAH0 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 06406RAH0 will offset losses from the drop in 06406RAH0's long position.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
| 06406RAH0 vs. AEP TEX INC | 06406RAH0 vs. US BANK NATIONAL | 06406RAH0 vs. Eat Beyond Global | 06406RAH0 vs. Charles Schwab Corp |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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