Correlation Between Duluth Holdings and 26441CAT2
Specify exactly 2 symbols:
By analyzing existing cross correlation between Duluth Holdings and DUKE ENERGY P, you can compare the effects of market volatilities on Duluth Holdings and 26441CAT2 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 26441CAT2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and 26441CAT2.
Diversification Opportunities for Duluth Holdings and 26441CAT2
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Duluth and 26441CAT2 is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and DUKE ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY P 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 26441CAT2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY P has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and 26441CAT2 go up and down completely randomly.
Pair Corralation between Duluth Holdings and 26441CAT2
Given the investment horizon of 90 days Duluth Holdings is expected to generate 3.1 times more return on investment than 26441CAT2. However, Duluth Holdings is 3.1 times more volatile than DUKE ENERGY P. It trades about 0.08 of its potential returns per unit of risk. DUKE ENERGY P is currently generating about 0.16 per unit of risk. If you would invest 371.00 in Duluth Holdings on August 28, 2024 and sell it today you would earn a total of 17.00 from holding Duluth Holdings or generate 4.58% 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. DUKE ENERGY P
Performance |
| Timeline |
| Duluth Holdings |
| DUKE ENERGY P |
Duluth Holdings and 26441CAT2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and 26441CAT2
The main advantage of trading using opposite Duluth Holdings and 26441CAT2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, 26441CAT2 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 26441CAT2 will offset losses from the drop in 26441CAT2's long position.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
| 26441CAT2 vs. AEP TEX INC | 26441CAT2 vs. US BANK NATIONAL | 26441CAT2 vs. Dupont De Nemours | 26441CAT2 vs. The Travelers Companies |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |