Correlation Between Duluth Holdings and DOMINION
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By analyzing existing cross correlation between Duluth Holdings and DOMINION ENERGY INC, you can compare the effects of market volatilities on Duluth Holdings and DOMINION 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 DOMINION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and DOMINION.
Diversification Opportunities for Duluth Holdings and DOMINION
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Duluth and DOMINION is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and DOMINION ENERGY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOMINION ENERGY INC 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 DOMINION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOMINION ENERGY INC has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and DOMINION go up and down completely randomly.
Pair Corralation between Duluth Holdings and DOMINION
Given the investment horizon of 90 days Duluth Holdings is expected to generate 0.74 times more return on investment than DOMINION. However, Duluth Holdings is 1.35 times less risky than DOMINION. It trades about 0.11 of its potential returns per unit of risk. DOMINION ENERGY INC is currently generating about -0.2 per unit of risk. If you would invest 361.00 in Duluth Holdings on September 2, 2024 and sell it today you would earn a total of 22.00 from holding Duluth Holdings or generate 6.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
Duluth Holdings vs. DOMINION ENERGY INC
Performance |
| Timeline |
| Duluth Holdings |
| DOMINION ENERGY INC |
Duluth Holdings and DOMINION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and DOMINION
The main advantage of trading using opposite Duluth Holdings and DOMINION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, DOMINION 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 DOMINION will offset losses from the drop in DOMINION's long position.| Duluth Holdings vs. Capri Holdings | Duluth Holdings vs. Movado Group | Duluth Holdings vs. Tapestry | Duluth Holdings vs. Brilliant Earth Group |
| DOMINION vs. Duluth Holdings | DOMINION vs. KVH Industries | DOMINION vs. Amkor Technology | DOMINION vs. Supercom |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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