Correlation Between Duluth Holdings and 207597EH4
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By analyzing existing cross correlation between Duluth Holdings and CONNECTICUT LT PWR, you can compare the effects of market volatilities on Duluth Holdings and 207597EH4 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 207597EH4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and 207597EH4.
Diversification Opportunities for Duluth Holdings and 207597EH4
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Duluth and 207597EH4 is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and CONNECTICUT LT PWR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONNECTICUT LT PWR 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 207597EH4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONNECTICUT LT PWR has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and 207597EH4 go up and down completely randomly.
Pair Corralation between Duluth Holdings and 207597EH4
Given the investment horizon of 90 days Duluth Holdings is expected to generate 1.99 times more return on investment than 207597EH4. However, Duluth Holdings is 1.99 times more volatile than CONNECTICUT LT PWR. It trades about 0.08 of its potential returns per unit of risk. CONNECTICUT LT PWR is currently generating about 0.03 per unit of risk. If you would invest 371.00 in Duluth Holdings on August 30, 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 | Insignificant |
| Accuracy | 45.45% |
| Values | Daily Returns |
Duluth Holdings vs. CONNECTICUT LT PWR
Performance |
| Timeline |
| Duluth Holdings |
| CONNECTICUT LT PWR |
Duluth Holdings and 207597EH4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and 207597EH4
The main advantage of trading using opposite Duluth Holdings and 207597EH4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, 207597EH4 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 207597EH4 will offset losses from the drop in 207597EH4's long position.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
| 207597EH4 vs. Abcellera Biologics | 207597EH4 vs. Arrow Financial | 207597EH4 vs. Spyre Therapeutics | 207597EH4 vs. Exchange Bankshares |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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